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JOST Werke AG: JOST announces change to the Supervisory Board and plans to change its legal form to a European Stock Corporation (SE)

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DGAP-News: JOST Werke AG / Key word(s): Personnel/Legal Matter
18.03.2022 / 09:07
The issuer is solely responsible for the content of this announcement.

JOST announces change to the Supervisory Board and plans to change its legal form to a European Stock Corporation (SE)

- The Chairman of the Supervisory Board Manfred Wennemer will leave the Board at the end of his term of office, following the Annual General Meeting in May 2022

- Dr. Stefan Sommer is proposed as successor

- JOST is preparing the conversion of the company into a European Stock Corporation (Societas Europaea, SE). The Annual General Meeting will decide on the legal form change in May 2022

 

Neu-Isenburg, March 18, 2022. JOST Werke AG ("JOST"), a leading global producer and supplier of safety-critical systems for commercial vehicles, announced today a change in the Supervisory Board after the Annual General Meeting scheduled for May 2022 as well as the conversion of JOST Werke AG into JOST Werke SE.


Changes to the Supervisory Board

The incumbent Chairman of the Supervisory Board of JOST Werke AG, Manfred Wennemer, will leave the Board at the end of his term of office after the Annual General Meeting in May 2022 at his own request and by amicable mutual agreement. The Executive Board and the Supervisory Board would like to thank Mr. Wennemer already now for the very successful cooperation and the excellent support during his tenure.

The Supervisory Board proposes the election of Dr. Stefan Sommer as successor for the vacant position of Chairman of the Supervisory Board. With 25 years of experience in various management positions at different global industrial groups, Dr. Sommer brings with him the necessary expertise to intensively support JOST within the scope of his Supervisory Board mandate, to provide good advice and to contribute to the strategic development of the group. His career in the automotive industry began in 1997 at ITT Automotive Group Europe GmbH in Germany. He then worked at Continental Automotive Systems for 11 years, most recently as Senior Vice President of the EBS Customer Center. From 2008 until December 2017, Dr. Sommer worked for the ZF Group. There, he was appointed to the Executive Board in 2010 and became Chief Executive Officer in 2012. From 2018 to 2020, he was a member of the Executive Board at Volkswagen AG. Dr. Sommer is currently a member of the Supervisory Board of Knorr-Bremse AG and a member of the Presidential Council of DEKRA e.V.

"With Dr. Sommer, we are pleased to have gained a recognized expert in the automotive supplier industry, who brings a strong expertise in the commercial vehicle industry to the JOST's Supervisory Board," said Manfred Wennemer, Chairman of the Supervisory Board of JOST Werke AG.

The current Deputy Chairman of the Supervisory Board, Prof. Dr. Bernd Gottschalk, has declared his willingness to remain available as a member of the Supervisory Board until the Annual General Meeting in 2023, thus strengthening the smooth handover within the Supervisory Board. Accordingly, he will be exceptionally nominated for reelection despite having already exceeded the age limit of 75.

Ms. Natalie Hayday, Mr. Rolf Lutz, Mr. Jürgen Schaubel and Mr. Klaus Sulzbach are also available for re-election.


JOST prepares conversion into European Stock Corporation

JOST Werke AG is preparing to change the legal form of the Company into a European Stock Corporation (Societas Europaea, SE). The shareholders of JOST Werke AG will decide on the measure at the next Annual General Meeting, which is expected to take place on May 5, 2022.

The change of legal form to a European Stock Listed Corporation expresses JOST's understanding of itself as a European and globally oriented company. The supranational legal form promotes an open and international corporate culture, which is an excellent fit for a global company with a diverse and international employee structure. The Executive Board is convinced that the change of legal form is a consistent step in the further development of JOST and its Corporate Governance structure.

The current dualistic management system with the separation of the Supervisory Board and the Executive Board will remain in place. The shareholders of JOST Werke AG will automatically become shareholders of JOST Werke SE. The change of legal form will not result in any changes for customers and employees. The registered office of JOST Werke SE will remain in Neu-Isenburg, Germany. The listing on the Frankfurt Stock Exchange and the JOST's stock exchange symbol will also remain unchanged.

 

About JOST:

JOST is a leading global manufacturer and supplier of safety-relevant systems for the commercial vehicle industry with its core brands JOST, ROCKINGER, TRIDEC and Quicke. JOST's global leadership position is driven by the strength of its brands, its long-standing client relationships serviced through its global distribution network, and its efficient and asset-light business model. With sales and production facilities in 25 countries across five continents, JOST has direct access to all major truck, trailer and agricultural tractor manufacturers as well as relevant end customers in the commercial vehicle industry. JOST currently employs more than 3,300 staff across the world and has been listed on the Frankfurt Stock Exchange since July 20, 2017. For more information about JOST, please visit www.jost-world.com


Contact:

JOST Werke AG
Romy Acosta
Head of Investor Relations
T: +49 6102 295-379
romy.acosta@jost-world.com


18.03.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

JOST Werke AG

Siemensstraße 2

63263 Neu-Isenburg

Germany

Phone:

+49 6102 2950

Fax:

+49 (0)6102 295-298

E-mail:

ir@jost-world.com

Internet:

www.jost-world.com

ISIN:

DE000JST4000

WKN:

JST400

Indices:

SDAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1306023


 

End of News

DGAP News Service

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