Bauer Aktiengesellschaft is now approaching the change in the top management released in the ad-hoc announcement dated April 28. From November 1, Mr. Michael Stomberg will take over the position of Chairman of the Management Board from Prof. Thomas Bauer, who will be leaving the Management Board at the same time.
The formal appointment on the aforementioned date has been taken place at the meeting of the Supervisory Board of BAUER AG on September 20.
Michael Stomberg (48), born in Hamburg, began his professional career after completing his studies in Physics in 1997 at the global consulting firm Booz Allen Hamilton in Munich, where he was responsible for strategic and operational projects in various sectors worldwide.
In 2006, Michael Stomberg decided to switch to the industry and pursued his further career at EagleBurgmann, a highly international provider of industrial sealing technology. The Wolfratshausen-based company, which is part of the family-owned Freudenberg group, has production facilities and sales offices in many countries around the world. Most recently, Michael Stomberg was Chief Operating Officer (COO) in corporate management and responsible for production, product development and project business.
As previously announced, Prof. Thomas Bauer plans to make the transition to the Supervisory Board and his candidacy as Chairman, which is supported by the Supervisory Board. This will be organized in the coming weeks.
"Whilst choosing a successor, we met Michael Stomberg and got to know him as a very dynamic manager who is interested in many topics and who has ideally qualified himself to manage an entire company for many years now," said Prof. Thomas Bauer. "With his knowledge and many years of experience, he will be able to bring in a completely new perspective as Chairman of the Management Board of BAUER AG."
The Bauer Group is a leading provider of services, equipment and products related to ground and groundwater. With over 110 subsidiaries, Bauer operates a worldwide network on all continents.
The operations of the Group are divided into three future-oriented segments with high synergy potential: Construction, Equipment and Resources. The Construction segment offers new and innovative specialist foundation engineering services alongside the established ones, and it carries out foundation and excavation work including cut-off walls and ground improvements on a worldwide basis. Bauer is a global market leader in the Equipment segment and provides a full range of equipment for specialist foundation engineering as well as for the exploration, mining and extraction of natural resources. In the Resources segment, Bauer focuses on highly innovative products and services in the areas of water, environment and mineral reserves.
Bauer benefits greatly from the collaboration between its three separate segments, enabling the Group to position itself as an innovative, highly specialized provider of products and services for demanding projects in specialist foundation engineering and related markets. Bauer therefore offers appropriate solutions for the world's major challenges, such as urbanization, growing infrastructure needs, the environment, and water, oil and gas.
The Bauer Group was founded in 1790 and is based in Schrobenhausen, Bavaria. In 2017 it employed some 11,000 people in around 70 countries and achieved total Group revenues of EUR 1.8 billion. BAUER Aktiengesellschaft is listed in the Prime Standard of the German stock market.