|
CHANGE IN MANAGEMENT
28 March 2003 - Carlo Gavazzi
| The concentration of Carlo Gavazzi on two focused electronic businesses introduced last summer has produced positive impacts. In order to better adopt the management structure to the recent organisational change, the board of directors has decided to implement the following changes. The present CEO and chairman of the board, Enzo Urbani, will as vice-chairman assume new tasks. Werner S. Welti was elected to succeed him as chairman of the board. The CEO-position will not be filled. The two autonomous business units will report directly to the board of directors in future. Furthermore, company management confirms the attainment of the year-end results (closing March 31) along the lines forecasted in the interim report. |
The concentration of Carlo Gavazzi on two focused electronic businesses introduced last summer has produced positive impacts. In order to better adopt the management structure to the recent organisational change, the board of directors has decided to implement the following changes. The present CEO and chairman of the board, Enzo Urbani, will as vice-chairman assume new tasks. Werner S. Welti was elected to succeed him as chairman of the board. The CEO-position will not be filled. The two autonomous business units will report directly to the board of directors in future. Furthermore, company management confirms the attainment of the year-end results (closing March 31) along the lines forecasted in the interim report. Werner S. Welti, who has long-standing links with the group as a member of the board, takes over as chairman with immediate effect. During his tenure as CEO of Carlo Gavazzi (1991-1997), he successfully positioned the group in the market with new products and services. It is one year since Carlo Gavazzi focussed on the two business units, Automation Components and Electronic Packaging. This new structure has produced a positive impact in the currently adverse economic environment, as there is a balancing effect in the consolidated results of the group due to the different industrial cycles of the two units. The Carlo Gavazzi Group confirms that the year-end result (closing March 31, 2003) is expected to be in line with the forecast communicated in the interim report in November 2002. Following the reported loss of CHF 2.9 million for the first half-year, a break-even result should at least be achieved for the second six months.
http://www.carlogavazzi.com
About: Carlo Gavazzi
Carlo Gavazzi is a diversified, internationally active electronics group designing, manufacturing and marketing electronic equipment targeted at the global markets of industrial automation and information processing.Under the umbrella of a holding company, headquartered in Switzerland, Carlo Gavazzi is organised in two business units. It is the function of the holding company to ensure planning and development of the group's business portfolio, to choose a coherent set of strategies and objectives, to monitor their implementation and the efficiency of the corresponding management tools and processes, to select the upper-level management, to manage corporate finance, controlling, tax planning, management information systems, communication and investor relations. The business units operate separately within the framework of defined strategies and objectives; they are responsible for research and development, manufacturing, quality, marketing and sales, human resources, logistics, finance and control. Group executives lead their business units in line with the holding's objectives as businessmen with strong entrepreneurial drive and responsibility. Objectives. To provide our customers with technologically innovative, high quality and competitive solutions, in compliance with their requirements and expectations. To create an environment conducive to our employees' professional and personal development. To obtain a fair and equitable return for our shareholders through sustained development of our core activities. Principles. To create added value for our customers with our products and services in order to strengthen their market positions and establishing long-term partnerships. To adapt structures and processes to market needs and delegate responsibility. To promote an environment conducive to mutual respect and cooperation. To mark clear leadership and integrity by doing what we say. |
More News:
• For March 2003
• From Carlo Gavazzi
• For Control Products
|
