Heidelberg's Management Board Chairman Gerold Linzbach Not Renewing Contract

HEIDELBERG, Germany —July 22, 2016 — The Chairman of the Management Board of Heidelberger Druckmaschinen AG (Heidelberg), Gerold Linzbach (60), informed the Supervisory Board today that, following the successful turnaround, he would not be seeking the extension of his contract and aims at pursuing new professional challenges.

Ensuring an orderly handover of functions, he will continue to serve the company until the scheduled end of his contractual term in August 2017 and, after Heidelberg’s successful restructuring, remains fully committed to promoting the Group’s strategic advancement together with his team. This allows the Supervisory Board sufficient time to find a suitable replacement.

The Supervisory Board of Heidelberger Druckmaschinen AG respects Linzbach’s decision which it has accepted with great regret. At the same time, it has expressed its appreciation for Linzbach’s intensive work and strong dedication in particular in connection with the successful repositioning. Linzbach has been strongly committed to the company and has lead Heidelberg into a new direction which is geared towards sustainable profitability and establishes the base for further growth, in particular, in the Digital, Services and Packaging segments.

Following the successful repositioning, Linzbach will dedicate his time to other entrepreneurial targets and start a new career phase of his life.

Source: Heidelberg.