Austrian cellulose fibre specialist Lenzing has made a change in its top hierarchy. A new executive wasn’t set to be appointed before next March, but the group has now announced that Rohit Aggarwal will assume the role of CEO from 1st September.
Current CEO Stephan Sielaff, who has been in charge since 2022 and whose contract will expire in March 2025, will step down at the end of August, as stipulated with the group’s supervisory board. His successor’s arrival was initially announced at the end of June, when Aggarwal joined the group’s executive committee, with a view to taking over as CEO.
Aggarwal’s appointment follows in the wake of the purchase of a 15 per cent stake in Lenzing by Brazilian company Suzano. The latter, a cellulose fibre producer based in Sao Paulo, has already stated it intends to acquire additional shares in the Austrian group in future.
In fiscal 2023, the Lenzing group recorded a revenue of € 2.5 billion, a slight decrease compared to the previous year. EBITDA instead grew from € 241 million to € 303 million. Lenzing recently appointed Kit Ping Au-Yeung as executive vice-president in charge of the textiles business.
