Stefan Pierer has stepped down from his role on the KTM board and has handed over the management of KTM AG to Gottfried Neumeister.
KTM’s restructuring plan was approved by creditors on the 25th of February, meaning the Austrian brand will need to pay €548 million by the 23rd of May.
The brand’s chances of survival improved after acquiring a near total of €900 million investment from external parties.
Pierer founded the Pierer Mobility Group in 1987 and has spent over three decades in KTM’s senior management board, joining in 1992.
Pierer accompanied Nuemeister as co-CEO until the restructuring plan was finalised and will now leave the company altogether.
“I wish Gottfried Neumeister all the best from the bottom of my heart,” Pierer said in a statement.
“In him I have found the perfect successor and I am firmly convinced that he will lead the company successfully into the future.”
Neumeister commented: “I would like to thank Stefan Pierer for his trust in allowing me to continue his life’s work.
“I see it as an honour and an obligation to continue the history of KTM and to break new ground together with our great employees.”
The company revealed that Verena Schneglberger-Grossmann has been appointed to the board, who previously served as head of its legal department.
“Ms. Schneglberger-Grossmann has done an excellent job in her previous role and was instrumental in the successful completion of the restructuring process.
“We are convinced that she will also make a major contribution in her new position,” Neumeister stated.
READ MORE – Pierer Mobility Group restructuring plan approved by creditors
