KBA Leader Resigns Amidst Losses
WURZBURG, GERMANY—Albrecht Bolza-Schünemann, president and CEO of press manufacturer KBA, resigned from the company during its supervisory board annual audit meeting in the wake of poor financial results. Helge Hansen, who was named CFO in February, now steps into the role of president.
During the meeting, it was announced that KBA saw a 10 percent decline in sales during fiscal 2008 and a reduction in orders of nearly 20 percent. Sheetfed press sales suffered most, with a loss of more than 180 million euro, contrasted by an operating profit of more than 100 million euro for web and special presses.
KBA expects to eliminate about 800 employee positions in the sheetfed division by the end of 2009. Due to the global recession, the company anticipates another 20 percent reduction in sales.
Bolza-Schünemann held the top executive titles since 2003. His brother, Claus, is now the only representative of the founding family on the KBA board.