The Swiss-based Oerlikon technology group has appointed a new CEO in a move it hopes will bring added stability to its operations after a turbulent few years.
Michael Buscher will replace interim chief executive Hans Ziegler, a turn-around expert who was appointed in August after a string of disappointing results.
Buscher, a German citizen who has lived in Switzerland since 2003, will join the group, which is based in Pfäffikon in canton Schwyz, in May.
“Dr Buscher’s appointment is yet another step forward towards securing a stable and sustainable future for Oerlikon and all of its business units,” chairman Vladimir Kuznetsov said in a statement issued on Wednesday.
Oerlikon posted a loss of SFr422 million ($395 million) for 2008 and replaced former CEO Uwe Krüger last August after a first-half loss in 2009 of SFr99 million. It planned to cut 4,000 jobs.
The group makes a range of products from coating used in Formula One racing cars to machines used to make solar cells.
swissinfo.ch and agencies