From the Sector

The CHT Group announced the appointment of Dr. Lorenza Sartorelli as the new Chief Operating Officer (COO). With this appointment, Dr. Lorenza Sartorelli completes the management board consisting of Dr. Christian Rink (CFO) and Eva Baumann (CEO).

With the now complete management team, the CHT Group is continuing its strategic realignment. As COO, Lorenza Sartorelli will focus her responsibilities on the sustainable global alignment of the CHT Group's operational functions.

Dr. Lorenza Sartorelli has extensive experience and an international career in the chemical industry. She has held various management positions at renowned companies, most recently at Evonik, where she demonstrated her expertise in the areas of operations management, strategic planning and process optimization.

Dr. Lorenza Sartorelli holds a degree in Chemical Engineering from the University of Padua and a PhD from the Technical University of Hamburg-Harburg. Her career includes positions at Roche and Evonik, where she was instrumental in optimizing production processes and increasing efficiency.

Dr. Lorenza Sartorelli on her new role: "I am looking forward to further advancing the path CHT has already taken to become a unique provider of sustainable and sustainably produced specialty chemicals. The consistent focus of my role on operational excellence, digitalization and sustainability speaks for itself. Together with Eva Baumann and Christian Rink, I will align the operational side of CHT holistically with the three dimensions of People, Planet and Performance."

Source Fashion, Europe’s leading responsible sourcing show, has announced an inspiring line-up of keynote speakers for its upcoming event, running from 18th to 20th February 2025 at Olympia London. On Wednesday 19th February, a full day of thought-provoking sessions will be headlined by industry visionaries including All Saints Founder Stuart Trevor, award-winning social entrepreneur Safia Minney MBE, and Andrew Xeni, Founder of Nobody’s Child.
 
The sessions will explore critical themes shaping the future of fashion, from sustainability to circularity and transparency, aiming to equip visitors with actionable insights to transform their brands and business practices.
 
Session Highlights:

• The Urgency of Transparency
  • Speaker: Andrew Xeni, Founder, Nobody’s Child, Fabacus and Soreto
  • Time: 11:00 AM
  • Synopsis: As transparency becomes the cornerstone of sustainability, Andrew Xeni will discuss how brands can lead the charge in accountability and ethical operations. From unveiling supply chain practices to empowering consumers, this session highlights the role of transparency in building trust and driving meaningful change in the fashion industry.
•  A Clothing Company That Doesn’t Produce Clothes
  • Speaker: Stuart Trevor, Founder, All Saints & Stuart Trevor
  • Time: 1:30 PM
  • Synopsis: In a groundbreaking fireside chat, Stuart Trevor will showcase how his company is pioneering circularity by transforming pre-owned clothes into desirable fashion pieces. By rethinking the traditional industry model, Trevor will illustrate the potential of upcycling to combat waste and redefine sustainable style.
• Ecosystem Thinking in Fashion: Redesigning for Regeneration
  • Speaker: Safia Minney MBE
  • Time: 2:10 PM
  • Synopsis: In a dynamic panel discussion, Safia Minney will explore strategies to adopt circular and regenerative models, scale these practices, and foster collaborative supply chain solutions. Featuring contributions from experts across industries, this session is set to empower visitors with practical tools for transformative change.

 The keynote sessions will be complemented by speakers from industry-leading organisations such as John Lewis, Vivo Footwear, Pepsi Co, Kingfisher, and environmental NGO WRAP. The full programme will be revealed in the coming weeks.
 
Join the Conversation
Source Fashion 2025 invites fashion professionals, sustainability advocates, and industry leaders to connect, learn, and lead the transformation of the fashion industry.
 
As Europe’s leading responsible sourcing show, Source Fashion brings together a global community of brands, suppliers, and thought leaders to shape the future of ethical and sustainable fashion. Through cutting-edge events, expert-led sessions, and innovative showcases, Source Fashion champions transparency, circularity, and collaboration in the industry.

About Stuart Trevor
In 1983, Stuart Trevor was a finalist in the Paul Smith/Mont Blanc competition and in 1985 he won designer of the year at The Smirnoff Fashion awards “Menswear Day”. Aged 19 he became the first designer and main buyer for REISS. At 28 he founded All Saints and many of the clothes that continue to feature every week in the top 10 bestseller list of the high-street brand today, were designed by Trevor himself over 20 years ago.
 
About Safia Minney
Safia Minney, MBE, FRSA, is an award-winning social entrepreneur, consultant and advisor. Safia is recognised by the World Economic Forum as an Outstanding Social Entrepreneur and is a leading influencer and international speaker on sustainable fashion, sustainable supply chains, ethical business and climate action.
 
Safia founded REAL Sustainability CIC in 2019, to promote awareness and action for sustainable living and leadership. In 2022 REAL launched Fashion Declares – a bottom-up, industry wide movement to promote rapid action to redesign the fashion industry to operate within planetary boundaries.
 
About Andrew Xeni
Andrew Xeni is a visionary technology and retail entrepreneur. After building successful fashion manufacturing business suppling leading UK high street brands, Xeni went on to create eco-conscious 2023 Drapers Retailer of the Year (<£100m), Nobody’s Child, of which Marks and Spencer is a strategic investor and shareholder.
Merging both retail and technology, Xeni also founded award-winning retail tech companies Fabacus and Soreto.
 
As CEO of Fabacus, a DaaS (Data-as-a-Service) technology platform for revolutionising the licencing and retail industries, Xeni has established partnerships with a number of leading businesses within the sectors, including, Fanatics, UFC, Epic Games, Ubisoft and IMG, part of Endeavour.
 
This year, seeing the growing consumer demand for sustainably, Xeni pioneered the UK-first Digital Product Passport in a collaboration with between Fabacus and Nobody’s Child, in partnership with Coinbase.
 
Xeni is backed by a number of leading financial institutions, including iNovia Partners, led by former Google CFO, Patrick Pichette, as well as New Look founder, Tom Singh. In addition to managing a diverse portfolio of businesses, and sitting as Chairman for Nobody’s Child and Soreto, Xeni is an active angel investor.

Weak demand in some of their customer markets is increasingly hindering SGL Carbon's sales growth. After nine months in 2024, SGL Carbon generated sales of €781.9 million, which was slightly below the prior-year level at minus 4.8% (9M 2023: €821.7 million). Adjusted for currency and structural effects, Group sales decreased by 3.6%. Adjusted EBITDA, an important key figure for the Group, remained at a comparable level of €127.6 million in the reporting period (9M 2023: €130.0 million). Despite the slight decrease in sales, the adjusted EBITDA margin improved from 15.4% in Q1 and 16.7% in Q2 to 16.9% in Q3 and amounted to 16.3% after nine months (9M 2023: 15.8%). The reasons for the improved adjusted EBITDA margin are, in particular, product mix effects in the Graphite Solutions and Process Technology business units. By contrast, the ongoing weakness in demand and the associated price pressure for carbon and textile fiber products in the Carbon Fibers business unit continued to weigh on the Group's sales and earnings development.

“Even with our diversified product portfolio, we can no longer completely withdraw from the generally weak economic environment. In addition, there was a decline in demand for specialty graphite products for the semiconductor industry in the third quarter. In particular, our products for the manufacture of silicon carbide-based semiconductors are suffering from the restrained demand for electric vehicles on the customer side,” explains CEO Dr. Torsten Derr. “While the last 18 months were characterized by enormous demand for silicon carbide semiconductors and insufficient production capacities, the market has cooled down significantly. Due to a lack of demand from the automotive industry, our semiconductor customers have significantly reduced order volumes. We do not expect to see a significant upturn in demand for our specialty graphite products until the sales figures for electric vehicles pick up again.”

Based on the adjusted EBITDA of €127.6 million and taking into account depreciation and amortization of €41.0 million (9M 2023: €43.3 million) and one-off effects as well as non-recurring items of minus €18.3 million (9M 2023: minus €47.2 million), EBIT after nine months of 2024 will be €68.3 million (9M 2023: €39.5 million). The one-off effects and non-recurring items result, among other things, from the restructuring measures at Carbon Fibers and the Battery Solutions business line as well as from expenses for a strategy project. When comparing with the previous year, it should be noted that the first nine months of 2023 were disproportionately affected by an impairment loss on the assets of Carbon Fibers (€44.7 million).

Development of the business units
The Carbon Fibers business unit's sales for the first nine months of 2024 amounted to €157.1 million, significantly below the figure of €179.6 million for the prior-year period. The decline is due in particular to the continued weak demand from the wind industry and to the increasing competitive pressure resulting from global overcapacities for carbon and textile fibers.

Idle production capacities and the associated lack of fixed cost absorption as well as declining margins for commodity products led to a further deterioration in the adjusted EBITDA of the Carbon Fibers. The adjusted EBITDA of the Carbon Fibers business unit fell to minus €7.9 million in the first nine months of 2024 (9M 2023: €3.2 million). It should be noted that the adjusted EBITDA of the Carbon Fibers business unit includes an earnings contribution of €11.6 million from the joint venture BSCCB, which is accounted for At-Equity (9M 2023: €14.1 million). Excluding this contribution from the At-Equity accounted BSCCB, the adjusted EBITDA of Carbon Fibers would have been minus €19.6 million (9M 2023: minus €10.5 million).

SGL Carbon assumes that demand for carbon fibers will not recover in the coming months and that the realizable prices for these products will remain at a low level beyond 2025. Therefore, SGL Carbon anticipates that the expected improvement in sales and earnings for the Carbon Fibers segment will be delayed and is revising its existing mid-term planning for this segment. Due to the expected deviation, an ad hoc impairment test is currently being carried out. This indicates a non-cash impairment charge of €60–80 million, which will be recognized in Q4 2024. The structured transaction process initiated for Carbon Fibers is still ongoing.

Sales in the Composite Solutions business unit amounted to €95.8 million in the first nine months of 2024, down 16.2% (9M 2023: €114.3 million). The decline is due in particular to the early termination of a project-related supply contract with an automotive customer. Furthermore, the lower sales figures for electric vehicles are also having an impact on Composite Solutions.

Adjusted EBITDA in Composite Solutions fell from €16.6 million in the prior-year period to €10.7 million (minus 35.5%), due in particular to lower volumes. The adjusted EBITDA margin weakened accordingly to 11.2% (9M 2023: 14.5%).

Outlook
Macroeconomic conditions, lower than expected sales volumes in some customer groups and price pressure for commodity products are increasingly hindering SGL Carbon's growth ambitions. Thomas Dippold, CFO of SGL Carbon, explains: “Due to the diverse and diversified industrial applications of our products and our strict cost management, we continue to expect to achieve our guidance for 2024 at the lower end of the range of €160–170 million. The coming months will not be easier. We need to prepare for a flat demand development in some of our sales markets.”

As of October 1, 2024, Dr. Christian Rink will take over the position of global CFO of the CHT Group held by Prof. Dr. Klaus Müller on an interim basis. In this role, he will be responsible for Finance & Controlling, Information Technology, Digitalization, Compliance Management and Project Management. From now on, Dr. Christian Rink will form the Management Board together with CEO Eva Baumann.

Dr. Rink has gained extensive experience in various functions within the Bosch Group, where he held management positions in Logistics and Finance & Controlling. Among other things, he was Commercial Head Asia Pacific for the Bosch Home Comfort Group in Shanghai, China, and most recently Vice President Finance and Controlling of the Business Unit Electric Solutions which was responsible for building up the Bosch Group's heat pump business.

Martin Shankland, Executive Board member for Global Operations, has informed adidas AG’s Supervisory Board that, after 27 years with the brand, he will step down from the Executive Board and leave the company. In mutual agreement with Martin Shankland, the Supervisory Board approved the termination of his appointment as an Executive Board member as of August 10, 2024.

Martin joined adidas Russia/CIS in 1997. During his tenure as Managing Director, he established adidas Russia/CIS as the market leader through the creation of a strong direct-to-consumer business. After leading adidas Emerging Markets region from 2017, Martin joined the Executive Board in 2019, with responsibility for product operations, sourcing and supply chain as well as tech, data & analytics, non-trade-procurement and sustainability. During this period, Martin led major transformation initiatives, including creating a more responsive, transparent and sustainable supply chain and built a more tech and data capable organization aided by the insourcing of tech talent into a network of global tech hubs.

Hoa Ly, SVP Sourcing, will have responsibility for all sourcing operations at adidas reporting into adidas CEO Bjørn Gulden. adidas CFO Harm Ohlmeyer will assume additional responsibility for supply chain and tech. As of August 11, 2024, the company’s new Executive Board will consist of Bjørn Gulden (Chief Executive Officer, Global Brands), Arthur Hoeld (Global Sales), Harm Ohlmeyer (Chief Financial Officer) and Michelle Robertson (Global Human Resources, People and Culture).

As of April 1, 2024, Eva Baumann takes over the position of CEO in CHT. Together with Prof. Dr. Klaus Müller, who acts as CFO, she forms the management of the internationally active CHT Group.

Until 2020, Eva Baumann had worked for many years in a leading global company in the chemical industry. She has been part of the CHT Group since January 2021 and, as Group Vice President, has headed the Business Field General Industries at Group level. As CEO, Eva Baumann is now responsible for Marketing, Sales, Corporate Strategy, Human Resources and Sustainability.

Eva Baumann has ambitious plans for the future of the CHT Group: "Together with my management team, I will continue to expand the CHT Group as a successful and profitable specialty chemicals group. We focus on what we have been particularly good at for over 70 years: turning innovative ideas into specialty applications. These ideas help our customers to secure their success and at the same time make a sustainable contribution to development. Our customer proximity and the outstanding quality of our products and services set us apart in the market.

Jolanda Poots-Bijl has announced that she will step down as a member of AkzoNobel's Supervisory Board as of January 31. The decision follows her appointment as CFO of Ahold Delhaize, which limits availability for her current Supervisory Board role.

The Supervisory Board will announce a successor – to be nominated for appointment at the next Annual General Meeting – in due course. Until then, her activities will be covered by the current Supervisory Board members.

New appointments to the Management Board of Freudenberg Performance Materials come into effect on January 1, 2024: Dr. Andreas Raps succeeds Dr. Frank Heislitz as Chief Executive Officer (CEO), and Marco Altherr takes over from Thomas Herr as Chief Financial Officer (CFO). From January 1, 2024, the Management Board of Freudenberg Performance Materials will therefore consist of: Dr. Andreas Raps (CEO), Marco Altherr (CFO) and John McNabb (CTO). McNabb has been CTO since 2018. Dr. Frank Heislitz and Thomas Herr become members of the Freudenberg Group Board of Management on January 1, 2024.

Dr. Andreas Raps has been a member of the Freudenberg SE Executive Council since 2020 and CEO of EagleBurgmann, a joint venture between the Japanese EKK Group and the Freudenberg Group, since 2016. He previously held several executive management positions at Freudenberg Sealing Technologies from 2004, most recently as CEO of the global Special Sealing Division with 17 manufacturing sites worldwide. Before joining the Freudenberg Group, Raps worked for various management consulting companies in Boston, USA, Munich, Germany, and Zurich, Switzerland. He holds an MBA from the University of Passau. Alongside his job as a consultant, he obtained a PhD with a thesis on strategy implementation in Business Administration. 

Marco Altherr has been CFO of Vibracoustic SE, a Freudenberg Group company, since 2020. He held various senior management positions at Freudenberg & Co. KG, the technology group’s holding company, from 2015 to 2020, most recently as Head of Corporate Controlling and Accounting. Prior to joining Freudenberg, he served in several management roles at Manroland AG, Heidelberger Druckmaschinen, Boehringer Ingelheim and Arthur Andersen. He holds a degree in business administration specializing in controlling and financing from Lahr University.

The Board of Directors of Rieter Holding Ltd. unanimously has appointed Oliver Streuli to the Group Executive Committee of Rieter Group as Chief Financial Officer, effective August 1, 2023.

Oliver Streuli was from June 2019 until April 2023 CEO at PCS Holding AG in Frauenfeld (Switzerland), a private institutional investment company, where he was responsible for developing the investment strategy as well as the financial and strategic supervision of the industrial portfolio companies. He was also project manager for the IPO on the SIX Swiss Exchange at Stadler Rail AG, Bussnang (Switzerland). Previously, he held different positions at UBS.

He is currently a member of the Board of Directors of Swiss Steel Holding AG, Lucerne (Switzerland), and of Autoneum Holding AG, Winterthur (Switzerland).

Oliver Streuli was a member of the Board of Directors of several industrial and financial portfolio companies of PCS Holding AG in Switzerland, in Austria and in Türkiye, which are active in fields of electric propulsion systems, green mobility and rolling stock leasing.

Oliver Streuli was born in 1988 and is a Swiss citizen. He holds a Master’s degree in Accounting and Finance from University St. Gallen (HSG),

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.