From the Sector

The John Lewis Partnership announces the appointment of Jason Tarry as its seventh Chairman following Sharon White’s decision to step down at the end of her term.

Jason brings over 33 years of experience at Tesco where he was most recently the UK & Ireland CEO, a role he held for six years. His experience spans grocery, general merchandise and fashion in senior commercial, operational and general management positions, having joined the Tesco graduate programme in 1990.

In addition to delivering market leading grocery performance in the UK, he led the expansion of F&F Clothing across Europe as Group CEO. Jason is expected to take up the role in September, at which point Sharon will step down and support the transition as required.

Rita Clifton, Deputy Chairman and Chair of the Nomination Committee, said: “The Board extends its huge thanks to Sharon for successfully leading the Partnership through one of the most testing periods in its history - first Covid and then the cost of living crisis. She has faced into the toughest decisions and overseen the Partnership's financial recovery; we are in good financial health with a return to profit, and have a strong balance sheet with record investment planned this year. Sharon has also helped ensure that employee ownership of the Partnership is secure, is demonstrably focused on its purpose as a force for good and with an open and inclusive culture.

“As the Partnership moves into the next phase of its modernisation focused on our core retail business as well future growth, we are confident that Jason will provide the kind of inspirational leadership, a proven track record in multi-channel, multi-category retail success and a strong identification with Partnership values that we are seeking in this role. Jason has impressed everyone throughout the interview process with his warmth, his belief in the Partnership’s ideals and democratic principles and his appreciation for our unique and special brands.”

Fibre Extrusion Technology Ltd (FET) of Leeds, UK has appointed Dr Kristoffer Kortsen as Senior Materials and Process Scientist. He will report directly to R&D Manager, Dr Jonny Hunter, who joined FET in early 2023 in a growing Research and Development team.

Kortsen’s main area of work is in Gel Spinning of UHMWPE (Ultra-High Molecular Weight Polyethylene). His contribution will help provide gel spinning expertise and equipment in the near future to a range of industries including medical, aerospace, defence aerospace and marine.

He completed a Master’s in chemistry at KU Leuven, graduating magna cum laude in 2018. For his Master’s placement, he worked on the production of impact modifier additives for PVC at Kaneka Belgium. Continuing a partnership with this international chemical manufacturing company, he joined the Howdle group at the University of Nottingham for a PhD project looking into the industrial potential of scCO₂ dispersion polymerisations for additive production. After graduating, he worked in the Shaver group at the University of Manchester, developing a holistic approach to plastics recycling and sustainability across the many stakeholders in the field.

The long-time sales manager is leaving the company at the end of this year. Frank Neumann joined Dibella in 1999 as a sales representative in the field service and was most recently responsible as sales manager for the areas of northern Germany and Berlin, as well as for exports, particularly for Scandinavia and Eastern Europe. He played a leading role in developing cruise companies as a new customer base for Dibella.

In addition, he was one of the co-founders of MaxTex, an international association that aims to ensure sustainable trade along the entire value chain, together with the then Dibella Managing Director Ralf Hellmann.

As an authorised signatory and member of the management board, Frank Neumann made a significant contribution to the company's success. "With Frank Neumann, we are saying goodbye to a valued colleague and proven expert. We would like to thank Mr Neumann for his extraordinary commitment to Dibella and wish him all the best for the future," says Stefan Tenbusch, Managing Director at Dibella.

Solvay announced the future Board of Directors of SYENSQO, effective upon completion of the planned separation of Solvay into two companies – SOLVAY and SYENSQO – which is on track to be completed in December 2023.

SYENSQO’s Board will be composed of 10 members, including 6 independent members, 3 members representing the reference shareholder, Solvac, and the company CEO. They have deep expertise in specialty industries, international business operations, risk management, corporate governance, finance and clean technology.

The following individuals will serve on the SYENSQO Board of Directors:
Rosemary Thorne will serve as independent Director and Chair of the SYENSQO Board, as well as Chair of the Board’s Finance Committee. She is currently an Independent Director on the Solvay Board of Directors, appointed in 2014, and Chair of the Board’s Audit Committee. She is also an Independent Director on the Board of Merrill Lynch International (UK), a wholly-owned subsidiary of Bank of America, serving as Chair of the Audit Committee. Ms. Thorne has decades of financial leadership experience across a wide range of industries. She previously served as Chief Financial Officer at J. Sainsbury, the UK’s largest supermarket chain at the time; Bradford & Bingley; and Ladbrokes. Ms. Thorne previously sat as an Independent Director on the Boards of Royal Mail Group, Cadbury Schweppes, Santander UK, First Global Trust Bank and Smurfit Kappa Group.

Dr. Ilham Kadri will serve as Chief Executive Officer and member of the Board of Directors of SYENSQO. She is currently CEO and President of the Executive Committee at Solvay. Ms. Kadri has successfully led the turnaround of Solvay, delivering double-digit EBITDA growth and 18 consecutive quarters of positive free cash flow, deleveraging the balance sheet and promoting superior people engagement. She is an independent Board member at A.O. Smith and L’Oréal. She is active in non-profit organizations, as Chair of the World Business Council for Sustainable Development (WBCSD), member of the steering committee of the European Round Table of Industrialists (ERT) as well as a permanent member of the World Economic Forum’s International Business Council (WEF). Ms. Kadri has extensive leadership experience across a variety of industries in four continents and with leading industrial multinationals, including Shell, UCB, Huntsman, Dow, Sealed Air. Prior to Solvay, she was CEO and President of Diversey in the USA, led the company’s return to profitability and resulting spin off and divestiture to Bain Capital. She founded two non-Profit foundations: the Solvay Solidarity Fund in Belgium in 2020 which supported more than 7000 families affected by Covid-19 and natural disasters; and founded the ISSA Hygieia Network in 2015 in the USA, to help women in the cleaning industry. She received two Doctor Honoris Clausa from EWHA University in Korea and Université de Namur in Belgium.

Julian Waldron will serve as independent Director and Chair of the Audit Committee. He currently serves as Deputy Executive Chairman of privately-held Albea Group, a global beauty and personal care packaging company which operates 35 facilities in Europe, Asia and the Americas. Mr. Waldron has held senior leadership roles at several leading listed companies in the industrial, technology and services sectors and brings a wealth of expertise in finance and business operations. Prior to joining Albea in 2022, he was Chief Financial Officer of Suez for three years after serving as Chief Financial Officer and subsequently Chief Operating Officer of Technip. He started his career at UBS Warburg where he spent 14 years. Mr. Waldron also served as an independent Board member and Chairman of finance, risk and investments at Carbon Clean, a privately-owned carbon capture company dedicated to achieving net zero.

Heike Van de Kerkhof will serve as independent Director and Chair of the Nomination Committee. She currently sits on the Board of OCI N.V.. Ms. Van de Kerkhof brings more than 30 years of experience in the chemicals, oil & gas and materials industries, having served in numerous leadership roles around the globe. From 2020 to 2023, she was Chief Executive Officer of Archroma Management, a global specialty chemicals company. During her tenure, she successfully completed the transformational acquisition of Huntsman’s Textile Effects business. Prior to her role at Archroma, Ms. Van de Kerkhof served as Vice President of Lubricants, Western Hemisphere at BP, and held positions at Castrol, The Chemours Company, and Neste Corporation. She also held many leading roles within DuPont over 18 years.

Matti Lievonen will serve as independent Director and Chair of the Compensation Committee. He is currently an independent director on the Solvay Board, appointed in 2017. Mr. Lievonen is a proven executive in the energy, forestry, power and automation industries with an extensive track record of leading businesses through climate transition. For over ten years until 2018, he served as Chairman and Chief Executive Officer of Neste Corporation, a global leader in next-generation renewable fuels and chemicals. During his time at Neste, Mr. Lievonen successfully promoted the development of clean fuels as well as Finland’s bioeconomy strategy in advancing renewable transportation fuels. He has also been involved with organizations such as Fortum Board, SSAB, Nynäs AB, Ilmarinen, and the HE Finnish Fair Foundation. Until 2021, Mr. Lievonen was also Chairman of the Board of Directors at Fortum. He has been recognized for his admirable leadership and expertise, and in 2016 was awarded an Honorary Doctorate of Technology by the Aalto University Schools of Technology.

Dr. Françoise de Viron will serve as non-independent Director, Chair of the ESG Committee and Vice-Chair of the Board. She is currently a director of the Solvay Board, appointed in 2013. Ms. de Viron is a regarded academic leader and has extensive experience in innovation, R&D and qualitative research. She is a Professor Emeritus at the Faculty of Psychology and Education Sciences and Louvain School of Management at UCLouvain in Belgium where she has been an Academic Member of various groups at UCLouvain. Ms. de Viron previously served as the president of AISBL EUCEN – the European Universities Continuing Education Network. Prior to her university position, from 1985 to 2000, she was in charge of developing Artificial Intelligence applications at Tractebel S.A. (now Tractebel-Engie).

Roeland Baan will serve as independent Director. He currently serves as President and Chief Executive Officer of Topsoe, a privately-held leading provider of clean energy and petrochemical technologies. He is also Chairman of the Supervisory Board of SBM Offshore NV. Roeland Baan has extensive experience in supply chain management, M&A, business development and operations management. Prior to joining Topsoe in 2020, he was President and CEO of Outokumpu and has held several executive roles at global organizations such as Aleris International, ArcelorMittal and SHV NV. He spent over 16 years in various roles across the globe at Shell, living in South America, in Africa and in the United Kingdom.

Edouard Janssen will serve as non-independent Director. He is currently a Director on the Solvay Board, appointed in 2021. Earlier this year, he was appointed Chief Financial Officer of D’Ieteren Group, a European leader in automotive distribution services. Mr. Janssen is also a Board member of privately-held Financière de Tubize and Union Financière Boël, as well as Co-Founder and Chair of Trusted Family. Mr. Janssen is active in academics, as Vice-Chair of the International Advisory Board of the Solvay Brussels School of Economics and Management and on the advisory board of the INSEAD HGIBS. He brings expertise in finance, strategy, entrepreneurship, business management, planning and marketing. He has served as Solvay’s Vice President in strategy and M&A between 2019 and 2021, and prior to that, he was the US-based General Manager for North- and Latin America at Solvay’s Aroma Performance Global Business Unit.
 
Dr. Mary Meaney will serve as non-independent Director. She is currently a member of the Board of Directors and of the Audit Committee of Groupe Bruxelles Lambert SA. She also sits on the Board of Directors and the Remuneration Committee of Beamery, the privately-held talent management company. She is a member of the Board of Directors and of the Finance Committee of Imperial College, London.Dr. Meaney will bring expertise in Strategy, M&A, and change management, which she acquired over a 24-year career at McKinsey. She was a Senior Partner, served on the McKinsey Shareholders Council and led McKinsey’s global Organization practice.

Nadine Leslie will serve as independent Director and is based in the United States of America. She is currently a member of the Board of Directors of Provident Financial Services , as well as a Non-Executive Director of Seven Seas Water Corporation, a water and wastewater treatment multinational company. She also sits on the Board of Trustees of Hackensack Meridian Health Network and is active as strategic consultant for civil engineering firm T&M Associates. Over a 22-year career at Suez, Ms. Leslie held several leadership positions, the last one being Chief Executive Officer of Suez North America, until 2022. Previously she served as Executive Vice President Health & Safety.

The advisory board of A+A in Düsseldorf, an international trade fair for safety, security and health at work, will soon be under new leadership. Stefan Brück, CEO and Chairman of the Board at UVEX SAFETY GROUP GmbH & Co. KG, Fürth, who has been a member of the A+A advisory board for 7 years, will be the new Chairman. In this position he succeeds Klaus Bornack, Managing Director at Bornack GmbH & Co. KG, who successfully headed the advisory board for 12 years. The handover of office will take place during A+A 2023.

Stefan Brück has developed the Uvex Safety Group into one of the innovation leaders in the international PPE industry. He will assume his future task with over 30 years of industry experience under his belt and is already looking forward to the new challenge.

“My short and medium-term aim is to move such themes as sustainability but also new technologies and innovations even more into focus in occupational safety. This also includes digital products and solutions such as AI, Virtual Reality or Augmented Reality applications,” explains Stefan Brück and goes on to say: “I look forward to contributing to develop A+A further as the world-leading trade fair and to increasing the social, economic and ecological relevance of PPE on a global scale all year round.”

The new chairman of the Industrievereinigung Chemiefaser e. V. is Stefan Braun, managing director of Indorama Ventures Mobility Obernburg GmbH.

Braun, who had already held the chair twice between 2014 and 2020, was elected in June 2023 at the IVC annual members' meeting in Lenzing, Austria. Klaus Holz, Managing Director of Indorama Ventures Fibers Germany GmbH, was not available for re-election after one term as IVC Chair and two previous terms as Vice-Chair.

The IVC General Assembly appointed Dieter Feldmann, Managing Director of CERDIA Produktions GmbH, as Deputy Chairman. He succeeds Werner Häller, COO of Monosuisse AG, who did not stand for this position. The previous Treasurer of the IVC, Dr. Till Boldt, Managing Director of ENKA International Lux SE & Co. KG, was confirmed in office for the fifth consecutive term.

All elections took place according to rotation. Deviating from the usual mandate of 3 years, the Board of Directors had itself elected for a shortened term until June 2024.

IVC Managing Director Dr Wilhelm Rauch will leave IVC after almost 22 years when his contract expires on 31 January 2024 and will take on new tasks. The chemist with a doctorate and REACH expert is looking forward to making his expertise available to companies across sectors in the future.

• ITA Master's graduate wins Hanns Voith Foundation Award 2023

In his Master's thesis, Flávio André Marter Diniz, a graduate of the Institut für Textiltechnik of RWTH Aachen University (ITA), developed ultra-thin polyethylene (PE) carbon fibres with a filament diameter 2-3 times smaller than usual. In addition, the use of PE-based precursors will make it possible to reduce the price of carbon fibres by 50 per cent in the future, thus opening up a wide range of other possible applications in key industries such as wind power, aerospace and automotive. For this groundbreaking development, Marter Diniz was awarded the Hanns Voith Prize with the Hanns Voith Foundation Award in the category "New Materials". The prize is endowed with € 5,000 in prize money.

Flávio André Marter Diniz won the prize in the category "New Materials" for his master thesis entitled "Investigation of the stabilisation and carbonisation process for the production of ultra-thin polyethylene-based carbon fibres".

The use of carbon fibres in highly stressed lightweight construction solutions, such as today's growth applications of wind turbines or pressure tanks, has become indispensable due to their excellent mechanical properties and low density. High manufacturing costs of conventional PAN precursor-based carbon fibres make the material very cost-intensive. In addition, it is not sufficiently available. New manufacturing approaches that develop alternative raw materials and manufacturing processes can be a key and growth engine for further industrial composites applications.

The aim of the work was to develop a new and cost-effective manufacturing process for high-quality ultra-thin carbon fibres using a polyethylene precursor. For this purpose, the sulphonisation process, which is time-consuming today, was to be significantly shortened. As a result, Mr. Marter Diniz produced novel ultra-thin polyethylenebased carbon fibres with a filament diameter < 3 μm with an excellent surface quality of the fibres without detectable structural defects. The fibre diameter is 2-3 times smaller than that of conventional PANbased CF. This provides the basis for mechanically high-quality material properties. At the same time, Mr. Marter Diniz was able to reduce the sulphonisation time by 25 percent. The developed material and technology set important milestones on the way to cheaper carbon fibres. With PE-based precursors, the price of CF can be reduced by 50 percent compared to conventional PAN-based CF.  

A total of five other young scientists were awarded in six categories (Drive Technology, Innovation & Technology/Artificial Intelligence, New Materials, Paper, Hydropower and Economic Sciences. This year, for the 10th time, the Hanns Voith Foundation awarded the Hanns Voith Prize to outstanding young scientists.

Klaus Steger (64), CEO of ERWO Holding AG (“ERWO Holding”) and Hoftex Group AG (“Hoftex Group”), will step down from the Management Board of both companies at the beginning of 2024 in accordance with internal policies of the family and the company regarding the retirement age. Already on June 30, 2023, ERWO Holding Management Board member Hans-Georg von Schuh will retire as planned. ERWO Holding Management Board member Manfred Heinrich will also leave the Board as planned at this time and will continue to hold his mandate as one of the managing directors in the Südwolle Group together with Stéphane Thouvay and Johannes Rauch.

Steger’s designated successor as CEO of both companies is Manuela Spörl (50), currently CFO of ERWO Holding and also CFO of Hoftex Group. Hoftex Group is a group of medium-sized companies in the textile industry, in which ERWO Holding holds a significant stake. In addition, ERWO Holding acts as the parent company of the Südwolle Group, in which the Group’s worsted yarn activities are bundled.

Spörl has a degree in business administration and has been working for Hoftex Group since 2000. Her professional career began in the Corporate Controlling department, and in 2012 she was appointed as an advisor to the Board of Management. She was granted power of attorney in 2015, followed by appointments as CFO of the Hoftex Group in 2020 and CFO of the ERWO Group in 2022. A search for a successor for Spörl in the position of CFO of the Hoftex Group and, subsequently, of ERWO Holding is currently underway. Until the new CFO takes office, the two members of the Management Board, together with the Supervisory Board, will ensure an orderly transition.

The announced change in the Management Board of ERWO Holding, which acts as the parent company of the Südwolle Group, also ensures continuity at the leading manufacturer of worsted yarns for weaving, circular and flat knitting products in pure wool and wool blends. In the future, the management of Südwolle Group will continue to consist of the longstanding members Manfred Heinrich (Technology, Production & Planning), Johannes Rauch (Finance & Controlling) and Stéphane Thouvay (Sales & Marketing and Product Management & Innovation). Together with the designated board member of the parent company ERWO Holding, they will continue the successful development of the Südwolle Group from a mere supplier to a strategic partner of its customers as well as the growth trend of recent years.

The founding family Steger remains involved in the various supervisory bodies of the group of companies and will continue to work closely with them as the sole shareholder of ERWO Holding.

Shareholders Adopt All Motions Proposed by the Board of Directors

• Distribution of a dividend of CHF 1.50 per share approved
• Remuneration Report 2022 and future remuneration of Board of Directors and Group Executive Committee formally accepted
• All members of the Board of Directors who stood for re-election were elected
• Thomas Oetterli newly appointed to the Board of Directors
• KPMG newly elected as statutory auditors
• Amendments to the Articles of Association approved

On April 20, 2023, 325 shareholders, who represent 66.2% of the share capital, attended the 132nd Annual General Meeting of Rieter Holding Ltd.

Dividend
The shareholders approved the proposal of the Board of Directors to distribute a dividend of CHF 1.50 per share. The dividend for the 2022 financial year will be paid on April 24, 2023.

Annual Report, Financial Statements, Consolidated Financial Statements and Remuneration Report
The shareholders also adopted all other motions proposed by the Board of Directors, namely approval of the annual report, financial and consolidated financial statements for 2022. Moreover, they formally approved the actions of the members of the Board of Directors and those of the Group Executive Committee in the year under review.

By way of a consultative vote, the shareholders also approved the Remuneration Report 2022.

Remuneration of the Members of the Board of Directors and the Group Executive Committee
In two separate binding votes, the proposed maximum total remuneration of the members of the Board of Directors and the Group Executive Committee for the 2024 financial year was approved.

Re-Election of the Members of the Board of Directors
The Chairman of the Board, Bernhard Jucker, and the Directors, Hans-Peter Schwald, Peter Spuhler, Roger Baillod, Carl Illi, Sarah Kreienbühl and Daniel Grieder were confirmed for a further one-year term of office. In addition, Thomas Oetterli was newly elected to the Board of Directors for a term of office.

The members of the Remuneration Committee who were standing for election –
Hans-Peter Schwald, Bernhard Jucker and Sarah Kreienbühl – were likewise re-elected for a one-year term of office.

Election of KPMG as Statutory Auditors
The shareholders also adopted the proposal of the Board of Directors to elect KPMG AG, Zurich, as new statutory auditors for the financial year beginning January 1, 2023.

Amendments to the Articles of Association
The shareholders further approved the proposals of the Board of Directors to amend the Articles of Association of Rieter Holding Ltd., in order to implement the requirements of the reform of the Swiss company law, which came into force on January 1, 2023.

• Formula 1 cars will be cheaper in future

Carbon is the stuff Formula 1 cars are made of, at least the bodywork. But until now, carbon has been expensive. It can be produced more cheaply and efficiently if artificial intelligence monitors the production processes. A camera system combined with artificial intelligence automatically detects defects in the production of carbon fibres. This makes expensive manual inspection of the carbon fibres obsolete and the production price of the carbon fibre can be reduced in the long term.

For this idea, the young engineer Deniz Sinan Yesilyurt received the second prize of the "Digitalisation in Mechanical Engineering" Young Talent Award on 6 December.

Carbon fibres are sought after because of their good properties. They are very light - they weigh up to 50 percent less than aluminium. The combination of low weight and good mechanical properties offers many advantages. Especially in times of the energy transition, lightweight materials like carbon are more relevant than ever before. At the same time, carbon fibres are as resistant to external stresses as metals. However, achieving these good properties of carbon fibres is very complex.

Up to 300 individual fibre strands - bundles of individual fibres - have to be monitored simultaneously during production. If carbon fibres tear, it costs time and money to sort out the damaged fibres. This is just one example of various defects that can occur in the fibres during production.

Therefore, Deniz Sinan Yesilyurt attached a camera to the carbon fibre line that takes pictures of various fibre defects during production and collects them in a database. The artificial intelligence in the camera's information technology system evaluates the fibre defects by assigning the images to predefined reference defects. In doing so, it recognises various fibre defects with a classification accuracy of 99 per cent. The process can also be used in other areas that produce chemical fibres.

Deniz Sinan Yesilyurt received the prize from the German Engineering Federation (VDMA) in Frankfurt am Main, Germany. He is a Bachelor's graduate at the Institut für Textiltechnik (ITA) of RWTH Aachen University. The full title of his bachelor's thesis is: "Development of a Kl-supported process monitoring using machine learning to detect fibre damage in the stabilisation process". The VDMA awarded the prize to a total of four theses from different universities. The prize is awarded for outstanding theses and was offered in Germany, Austria and Switzerland.