The separation from Ruffieux was by mutual agreement. When asked by the AWP news agency, the company did not want to give any further reasons for the separation. However, in the statement, the Board of Directors thanks Ruffieux for his services and wishes him all the best for the future.
Half-year forecast lowered
One reason for the separation could have been the company’s recent disappointing operating performance. The company, which was used to success, found itself in difficult waters after the Corona boom. In mid-July, the company lowered its forecast for the full year in its half-year figures. The core Ebitda margin for the year as a whole should only be 28 to 29 percent, instead of the previous 30 to 31 percent.
Profitability is also expected to be lower than previously forecast, not only in 2023, but also in the medium term. The company reduced the margin range to 31 to 33 percent, after the previously promised 33 to 35 percent. As a result of the adjustments, the share price also fell by around 10 percent and has not recovered since then.
Lonza boss Pierre-Alain Ruffieux resigns
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Looking for a successor soon
The search for a successor to Pierre-Alain Ruffieux will begin soon. Both internal and external options would be evaluated, the company said upon request. There is not yet a specific timetable for succession planning. However, there is no time pressure, because until a successor is definitely found, Chairman of the Board of Directors Albert Baehny will continue to manage the business operationally.
This role is not entirely foreign to him. Even before Ruffieux took over as CEO in November 2020, Baehny had served as CEO and Chairman of the Board of Directors in one for around a year.
The company will announce further details on the medium-term strategy and forecast on Capital Markets Day. This will take place as planned on October 17th in Visp.
Source: SRF