Wacker Neuson CEO Cem Peksaglam informed the supervisory board that he does not intend to renew his contract and intends to leave the company to pursue new endeavors. Peksaglam’s six-year deal will expire in August. Wacker Neuson said Peksaglam successfully realigned the group’s strategy.

The Wacker Neuson Group has experienced strong growth in recent years, expanding its international reach during the period by building a number of new facilities, including a skid-steer loader plant in the United States, a generator plant in Brazil and an excavator production facility that will soon be opened in China. Also, the Group has established affiliates in numerous different markets. Wacker Neuson’s share value and market capitalization have more than doubled since September 2011.

“The Supervisory Board of the Wacker Neuson Group respects Mr. Peksaglam’s decision and thanks him for his dedication and service over the last six years,” said Hans Neunteufel, chairman of the supervisory board. “Mr. Peksaglam has played an important role in proactively shaping and driving forward the reorganization and strategic realignment of the Group during what has been a crucial restructuring phase for the company. His huge personal commitment has made the company a more professional organization and laid the foundation for further expansion.”

Peksaglam was responsible for strategy, mergers and acquisitions, human resources, legal, compliance, real estate, investor relations, corporate communication and sustainability. He also was responsible for sales, service, logistics, and marketing activities of the Wacker Neuson Group for several years until the board was extended by the position of chief sales officer.

The company will announce Peksaglam’s successor at some point in the future.

Wacker Neuson is based in Munich with U.S. headquarters in Menomonee Falls, Wis.