The company said in a written statement that Peksaglam, 49, had informed the supervisory board that, “following the successful realignment of the group’s strategy, he does not intend to renew his contract as he has decided to pursue new endeavors”.
Peksaglam’s six-year contract expires in August and the company said it will announce his successor “in due course”.
The Wacker Neuson Group has experienced strong growth in recent years and the board also noted that the group’s share value and market capitalisation have more than doubled since September 2011. A number of new facilities have been built, including a skid steer loader plant in the US, a generator plant in Brazil and an excavator production site that will shortly be opened in China.
Hans Neunteufel, chairman of the supervisory board, said Peksaglam showed huge personal commitment to the company and his role. Alongside his tasks as chief executive, Peksaglam was responsible for strategy, mergers and acquisitions, human resource, legal, compliance, real estate, investor relations, corporate communication and sustainability.
Cem Peksaglam, chief executive of Munich-based 1651 Wacker Neuson, is leaving the company.
