Knorr-Bremse said Bernd Eulitz, chairman of its executive board, has resigned by mutual agreement with the company effective from August 31, 2020 following “profound differences of opinion”.
The company, headquartered in Munich, Germany supplies braking and other rail and commercial vehicle systems.
The company said this was decided unanimously by the supervisory board which has initiated the search for a successor. The Supervisory Board asked the remaining members of the executive board, Dr. Peter Laier, Frank Markus Weber and Dr. Jürgen Wilder, to take over the responsibilities of Mr. Eulitz for the transitional period.
The company said Eulitz is leaving the company after only ten months. It said the reason for the resignation is “due to profound differences of opinion against leadership and the active shaping of strategic corporate development. This has also led to a growing strain on the relationship between Mr. Eulitz and the chairman of the supervisory board and made it impossible to continue the cooperation.”
It added:“The departure of Mr. Eulitz has no connection with the performance and successful corporate development of Knorr-Bremse AG. On July 16, 2020, the company already announced that it would be able to finish the second quarter of 2020 exceeding capital market estimates. The outlook for fiscal year 2020 also underpins the positive business development of the company despite the effects of the COVID-19 pandemic.”