Zachert to become CEO in April: LANXESS

06 March 2014 12:03 Source:ICIS News

LONDON (ICIS)--LANXESS’ new CEO is to take up his role from 1 April, the Germany-based specialties company said on Thursday.

The appointment of Matthias Zachert, who is joining from his current position as CFO of Germany’s Merck Group, was announced in January. He was expected to start at LANXESS no later than 15 May this year.

LANXESS CFO Bernhard Duettmann has taken on the role of acting CEO for the period of time between the departure of former chief Axel Heitmann and Zachert’s arrival, the company added.

Zachert served at LANXESS between 2004 and early 2011 before joining Merck, where he was seen as a key part of the company’s turnaround. Merck’s share price rose from €60 per share in January 2011 to more than €130 per share in January 2013.

LANXESS said last week that it is to book a €159m net loss for 2013, due to a reassessment of the book value of several business divisions that may not be as competitive as their previous valuations.

The earnings potential of the Keltan Elastomers and High Performance Elastomers unit and LANXESS’ performance chemicals division’s rubber chemicals unit have been reassessed on the back of higher raw material and energy costs, the projected onset of overcapacities and an increasingly competitive environment, the company said.

By Tom Brown