Wacker Neuson last week announced Dr. Georg Sick, CEO and president of Wacker Neuson SE, informed the supervisory board that he would not seek to renew his contract once it expired on July 31.

At the request of the supervisory board, Sick has agreed to continue as CEO until the end of the calendar year. Sick has been a member of Group management for 15 years. Following the conversion to a stock corporation (AG) in 2002, he was initially responsible for development and production on the board, moving on to become CEO and president in 2005. Sick intends to pursue new business opportunities. The company will be looking for an external successor.

Sick is leaving the company as the market shows dynamic signs of a rebound. The group has returned to a growth path with high order intake, positive earnings and an equity ratio in excess of 75 percent. Sick was responsible for technology in the group for many years. Under his leadership, numerous innovative products were developed and successfully launched.

“Under Dr. Sick’s management, the Group experienced strong organic growth, flanked by successful acquisitions and culminating in the merger with Neuson Kramer AG, a move that was extremely well received by the market,” said Hans Neunteufel, chairman of the supervisory board. “The supervisory board regards the long-term alliance with Caterpillar, which was finalized a few weeks ago under Dr. Sick’s leadership, as a significant milestone in the company’s future development.”

“I am proud to have been able to serve the Group during an extremely interesting period of growth that was only briefly interrupted by the economic downturn,” Sick said. “In addition to tackling various technology challenges, I was particularly keen to drive the company’s transition from a hidden champion to a strong capital market player while retaining its corporate culture. Company finances are strong. We have established a prime position in markets across the globe and have highly qualified managers and staff on board.”

With headquartered in Munich, Germany, Wacker Neuson SE is a global manufacturer of light and compact equipment.