From the Sector

• Bernhard Jucker will not stand for re-election as Chairman of the Board of Directors at the Annual General Meeting on April 17, 2024 due to reaching the age limit
• Thomas Oetterli will be proposed as the new Chairman of the Board of Directors at the 2024 Annual General Meeting and will continue in his role as CEO of the Rieter Group
• Roger Baillod will be named as Lead Independent Director
• Jennifer Maag will be proposed for election as a new member of the Board of Directors

Bernhard Jucker will not stand for re-election as Chairman of the Board of Directors at the next Annual General Meeting on April 17, 2024, having reached the age limit. The Board of Directors would like to thank Bernhard Jucker for his outstanding and valuable commitment. During his term of office, he has successfully developed the company through acquisitions and optimization of the sites.

The Board of Directors of Rieter Holding AG proposes to the shareholders the election of Thomas Oetterli as the new Chairman of the Board. He will continue in his role as CEO of the Rieter Group. The dual mandate is an interim measure to ensure the sustainable implementation of the “Next Level” performance program. The Board of Directors is convinced that Thomas Oetterli has the qualifications and the ideal background experience as the future Chairman of Rieter Holding Ltd.

Roger Baillod, member of the Board of Directors since 2016 and Vice Chairman since 2022, will be named as Lead Independent Director. Together with the Board of Directors, Roger Baillod will use his many years of experience to continue to ensure good corporate governance.

Jennifer Maag will be proposed for election to the Board of Directors at the Annual General Meeting on April 17, 2024. Ms. Maag, native-born in the USA, has Swiss and German citizenship and holds a Bachelor’s degree in Economics from the University of California, Berkeley (USA). Ms. Maag is currently a member of the Board of Directors of Kardex Holding AG, Zurich, Weidmann Holding AG, Rapperswil, VT5 Acquisition Company AG, Pfäffikon (SZ) and Nova Property Fund Management AG, Pfäffikon (SZ). In 1999, Jennifer Maag founded Capital Concepts International AG, Zurich (Switzerland), a mergers and acquisitions consulting firm, where she remains as managing partner. From 1996 to 1999, she was a senior manager in the corporate finance department of KPMG AG in Zurich. She previously worked in auditing at Deloitte in Munich (Germany) and Zurich, during which time she completed her education as a Certified Public Accountant (CPA).

Norbert Klapper, who has led Rieter as CEO for nine years, has informed the Board of Directors that he wishes to take on new professional challenges. Thomas Oetterli has been appointed as his successor as CEO of Rieter.

Thomas Oetterli (53) has made a significant contribution to the successful development of the world-leading Schindler Group, starting in 2006 as CEO Switzerland, later as a member of the Group Executive Committee responsible for Europe and China, and from 2016 until 2022 as CEO of the Group. With his comprehensive leadership skills and many years of industrial and international experience, Thomas Oetterli brings ideal prerequisites to lead Rieter as a global market leader through the current challenges and successfully develop it further in the long term. He will take over the function of CEO from Norbert Klapper on March 13, 2023.

The Board of Directors would like to thank Norbert Klapper for his many years of hard work for Rieter and his lasting contribution to the company, particularly in terms of further strengthening its technology leadership, developing the components and service business, completing the systems offering. Following his departure as CEO, he will be available to the Chairman of the Board of Directors as Senior Advisor until the end of September 2023.

In view of the current challenges Rieter is facing in the current economic and market situation, which require close cooperation between the Board of Directors and the Group Executive Committee, the Board of Directors considers a dual function of Thomas Oetterli as CEO and member of the Board of Directors to be advantageous and in the interest of all stakeholders. It will therefore propose Thomas Oetterli for election as a member of the Board of Directors at the upcoming Annual General Meeting on April 20, 2023.