The management of the Lenzing Group’s business is divided into the two divisions “Fiber” and “Pulp”.
In 2022, the Lenzing Group’s investment activities continued to focus on the expansion of the Group’s internal dissolving wood pulp production, raising the share of specialty fibers, and implementing the climate targets in line with the corporate strategy.
Significant changes to the Lenzing Managing Board were also approved during the reporting year. As of April 1, 2022, Stephan Sielaff succeeded Cord Prinzhorn as CEO, who had taken over as interim CEO in the fourth quarter of 2021. The Managing Board was reduced to four people at the same time. Nico Reiner was appointed as the new Chief Financial Officer with effect as of January 1, 2023. Thomas Obendrauf informed the Supervisory Board in March of the reporting year that he would not be available for a further extension of his contract. Until Nico Reiner joined the company, Stephan Sielaff performed the duties of CFO on an interim basis, while Thomas Obendrauf assisted the company in an advisory capacity. In this context, the Managing Board mandate of Chief Pulp Officer Christian Skilich was extended early by a further three years until May 31, 2026.
In addition, a comprehensive review of the corporate strategy was conducted. As a consequence, Lenzing will continue its profitable growth path following the successful implementation of the two key projects in Thailand and Brazil, sharpen its focus on sustainable and high-quality premium fibers for textiles and nonwovens and, in parallel, further advance the transition from a linear to a circular economy model. Lenzing also adjusted its financial targets based on this further development of the corporate strategy and, assuming a healthy economic environment, will significantly increase its EBITDA to over EUR 1 billion by 2027, with an ROCE of over 12 percent.1
1) Adjusted for major plants under construction and in the start-up phase