VARTA AG expands its Executive Board

VARTA AG is broadening its Executive Board in order to push ahead with the restructuring currently underway. Michael Giesswein will be a member of the Board as Chief Restructuring Officer (CRO) with immediate effect. Giesswein has already been with the company since April. His move to the Board after an onboarding phase was planned and is part of the agreement with the banks. In addition to Giesswein, the VARTA AG Board will thus in future consist of Dr Markus Hackstein as speaker, Rainer Hald as CTO and Marc Hundsdorf as CFO.

VARTA AG had announced in March that it would initiate a comprehensive restructuring programme. The consequences of the global crises, especially the sharp rise in prices for raw materials and energy, but also the weakening consumer mood had affected the business of the technology company. Demand for products from VARTA's customers had fallen sharply. The restructuring programme aims to win new customers, cut costs in many areas and optimise processes. Staff reductions are also planned. A total of around 800 full-time positions are to be cut, with planned departures and fluctuation accounting for around half. This year VARTA plans to cut around 240 full-time positions in Germany, with a further 150 to be relocated abroad in the coming year. Talks with employee representatives are underway.

Michael Giesswein is 43 years old and has already supported several companies in restructuring situations, most recently among others the brewery Oettinger and the car parts dealer Knoll. Giesswein also worked as CRO in his family's company.

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VARTA AG produces and markets a comprehensive battery portfolio ranging from micro batteries, household batteries, energy storage systems to customised battery solutions for a variety of applications and sets the industry standards as a technology leader in key areas. As the parent company of the Group, it is divided into the segments "Micro Batteries", "Lithium-Ion CoinPower", "Consumer Batteries", "Energy Storage Systems" and "Other".
The "Micro Batteries" segment includes micro and hearing aid batteries, "Lithium-Ion CoinPower" small-format lithium-ion round cells for OEM applications. "Consumer Batteries" represents the business with household batteries, rechargeable batteries, chargers, portable power (power banks) and lights. “Energy Storage Systems" includes energy storage solutions for primarily private, but also for commercial applications. The "Other" segment includes the "Lithium-Ion Battery Packs" and "Lithium-Ion Large Cells" business units (high-performance lithium-ion round cells for industrial applications in the automotive and non-automotive sectors).
Through intensive research and development, VARTA sets global standards in many areas of lithium-ion technology and in micro batteries, making it a recognised innovation leader in the important growth markets of lithium-ion technology and in primary hearing aid batteries. The VARTA AG Group currently employs around 4,200 people. With five production and manufacturing facilities in Europe and Asia as well as distribution centres in Asia, Europe and the USA, VARTA AG's operating subsidiaries are currently active in over 100 countries worldwide.