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Balda Names New CEO
Balda, a manufacturer of integrated plastic and electronic devices, primarily for the telecommunications sector has appointed Michael Sienkiewicz (56) as its new Chief Executive Office with immediate effect. Sienkiewicz, with a degree in Mathematics knows the Balda Group from his work in the Supervisory Board of the company to which he belonged until 3 July 2009.
The company has been under pressure from it shareholders - including Maxgain Development, which owns 30% - to reform the management of the company. The company posted a significant loss in 2006 following the collapse of Benq Mobile, but a subsidiary won the key touchscreen contract for Apple's iPhone.
Michael Sienkiewicz brings along extensive experience from the hightech electronic business. In particular, he can point to expertise of over 26 years in dealing with plastic moulding and touch technologies, the core business of Balda. Until the year 2002 Sienkiewicz was president of Elo TouchSystems, a globally leading manufacturer of touch sensitive displays (touchscreens). Since then he has been working as a specialized management consultant for, among others, banks and investment funds in evaluating technologies and patents.
Dino Kitzinger, Chairman of the Supervisory Board: "This way we can put Balda on a sustainable and profitable growth path", Kitzinger said. With the already announced appointment of Rainer Mohr (51) as new Chief Financial Officer (CFO), Balda AG has replaced both the Supervisory Board and the Board of Directors. "Now we can take on the tasks ahead of us with full speed", Kitzinger added.
Posted to the site on 6th July 2009