Management changeover at Recaro Aircraft Seating

After more than four years at the helm of the company based in Schwaebisch Hall, Axel Kahsnitz, CEO since October 1 2007, has decided to take on a new professional challenge and will hand over the management reigns on April 1 2012.

His successor and new CEO, Dr. Mark Hiller, has worked in the group office owned by Recaro principal shareholder Martin Putsch since 2003. Hiller joined the Recaro Aircraft Seating executive board as COO in 2007. Andreas Lindemann, who has been a member of the board since late 2006, will take over as the new chief sales officer and continue to be in charge of the company's finance and administration. Following the departure of Kahsnitz, the company will be headed by two managing directors.

Under the leadership of Kahsnitz, Recaro Aircraft Seating was comprehensively restructured and refocused. A turnaround was achieved in 2008. This significantly improved earnings, increased sales by more than 25% between 2008 and 2010, and resulted in new jobs at all plant sites worldwide.  These factors can be attributed to the strategy initiated by Kahsnitz of focusing on key areas of expertise and optimizing specific processes, as well as investing in multiple award-winning products and new markets. The company is on course for sustainable growth and has since become the market leader for economy class seats. At the same time, a stable management team has been developed, enabling the company to stay on course for continued growth.

Kahsnitz said: "The strategic development of Recaro Aircraft Seating is clearly defined for the next few years. Full order books give the company a solid foundation to serve as the backbone of the new Recaro Group. I am planning to focus on a new professional challenge and would like to take this opportunity to thank everyone who I have had the pleasure of working with over the past few years."

Martin Putsch, Recaro Group principal shareholder, said: "The fact that Recaro Aircraft Seating is on the road to success is largely due to the skills and leadership qualities of the management team headed by Axel Kahsnitz. He is handing over the reins to a well-organized company. I would like to express my gratitude to him for his outstanding achievements and wish him all the best for his future career. Dr. Mark Hiller and Andreas Lindemann have also contributed significantly to the Recaro Aircraft Seating success story. The newly formed twoman executive board stands for extensive industry experience and continuity in the company's focus."

Hiller added: "I am very much looking forward to the new challenge. We at Recaro Aircraft Seating have gained an excellent market position over the past few years and we plan to continue along the same path to sustainable growth."

Axel Kahsnitz