In order to prepare the Lenzing Group for the challenges and opportunities deriving from the investment projects and the changed market environment, the Managing Board presented a new organizational structure that is to support the sCore TEN strategy objectives with a focus on profitable, organic growth in specialty fibers, and further enhance efficiency and transparency. As a consequence, the management of the business was adjusted and divided into the two new divisions of “Fibers” and “Pulp”.1
The Lenzing Group’s investment activities in 2021 continued to focus on the expansion of the Group’s internal fiber pulp production, raising the share of specialty fibers, and implementing the climate targets in line with the sCore TEN corporate strategy.
In September, the Lenzing Supervisory Board reached an amicable agreement with long-serving CEO Stefan Doboczky on the early termination of his contract. Mr. Doboczky informed the Supervisory Board that he would not be available for a further extension of his contract from 2022. The Lenzing Supervisory Board noted this with great regret, and in agreement with Mr. Doboczky terminated his contract as of the end of the third quarter.
Cord Prinzhorn was appointed CEO on an interim basis. Mr. Prinzhorn has been a member of the Lenzing Supervisory Board since the Annual General Meeting in April of this year. As of November 4, 2021, he relinquished this position until further notice, and assumed the CEO role.
1 Note 3 to the condensed consolidated interim financial statements as of June 30, 2021