The chief executive officer of processing equipment maker GEA Group Jürg Oleas told the chairman of the company’s supervisory board that he will not extend his term of office past Dec. 31, 2019, the company announced via press release Sunday.
Aiming to create an opportunity for a leadership change within the firm, Oleas also said he plans to vacate his position on the executive board in April 2019.
“By taking this step, my focus is on paving the way for an orderly succession process allowing the company to successfully further develop GEA. Nonetheless, it was not an easy decision for me to make as I feel strongly committed to GEA,” said Oleas in a statement.
Company officials said the timeframe of Oleas’ departure tees up with GEA’s implementation of its strategic objectives this fiscal year. GEA plans to name a replacement by the end of this year.
“I would like to very much thank Jürg Oleas for his many years of successful service to GEA over the past 17 years. He, more than anyone, has left his mark on the company, with GEA evolving into a successful international enterprise in the food, beverage, and process technology industries under his leadership,” Dr. Helmut Perlet, chairman of GEA’s supervisory board, said in the release.
GEA supplies process equipment to the food industry and other end users.