Wacker Neuson has accepted the resignation of CEO Cem Peksaglam effective this August.
Peksaglam informed the supervisory board that he does not intend to renew his contract and intends to leave the company to pursue new endeavors.
“The Supervisory Board of the Wacker Neuson Group respects Mr. Peksaglam’s decision and thanks him for his dedication and service over the last six years,” said Hans Neunteufel, chairman of the supervisory board. “Mr. Peksaglam has played an important role in proactively shaping and driving forward the reorganization and strategic realignment of the Group during what has been a crucial restructuring phase for the company. His huge personal commitment has made the company a more professional organization and laid the foundation for further expansion.”
The board also noted that the group’s share value and market capitalization have more than doubled since September 2011. A number of new facilities have been built, including a skid steer loader plant in the US, a generator plant in Brazil and an excavator production site that will shortly be opened in China.
Peksaglam was responsible for strategy, mergers and acquisitions, human resources, legal, compliance, real estate, investor relations, corporate communication and sustainability. He also was responsible for sales, service, logistics, and marketing activities of the Wacker Neuson Group for several years until the board was extended by the position of chief sales officer.
Wacker Neuson is based in Munich with U.S. headquarters in Menomonee Falls, Wis.