Dr. Jürgen Kolb, responsible for sales on the Executive Board of Salzgitter AG since April 1, 1986, confirmed his intention to leave the Company and retire from active work on March 31, 2001, the expiration date of his current employment contract with the Company.
The Supervisory Board accepted his request and decided on his successor during its meeting on July 26, 2000.
Dipl.-Volkswirt Michael Pfitzner (50) will be his successor, effective November 1, 2000. Handing over of responsibilities will take place gradually during the transition period.
Dipl.-Volkswirt M. Pfitzner is an acknowledged expert on steel sales and distribution, having gained experience from his activities with Mannesmann Handel, Saarstahl, and Krupp Hoesch International. He last was a Member of the Executive Board of Krupp Thyssen Nirosta, responsible for sales of stainless steel products.
The Supervisory Board approved the Group organization change-over to a holding structure and resolved to form the new holding company as a management holding. The Executive Board of Salzgitter AG was directed to prepare a resolution as to all further organizational, corporate, and tax-related aspects of the extensive decentralization of decision-making authorities and responsibilities of the individual divisions to be submitted to the Supervisory Board during its meeting in November this year.
The Supervisory Board approved the proposal of the Executive Board to spin off the tube mill and to transform it into a GmbH (limited liability company).
The Supervisory Board confirmed the proposal of the Executive Board to spin off the foundry sector and gave the authorization to prepare three alternative solutions, namely management buy-out, merger with a competitor, and alternatively a liquidation, and to put the most advantageous one into effect.