KraussMaffei Group’s (KMG) supervisory board announced that on Jan. 1, Li Yong will succeed Michael Ruf as management board chairman and CEO. Ruf, whose contract was set to expire on March 31, 2023, asked the board not to extend his contract. He will work through that date to ensure a smooth transition, and will continue with some ongoing projects.
Li has extensive intercultural cooperation experience and has held executive, operational and project management positions with Sinochem for almost two decades. He began his involvement with KraussMaffei's business in June.
Supervisory board Chairman Bai Xinping said, “I have great confidence in the future and in KraussMaffei's competitiveness. With his international experience and deep knowledge of the Asian growth markets in particular, Li Yong is exactly the right person to continue the company transformation already initiated and to return KraussMaffei to its former strength.”
Li said, “I am very much looking forward to my new role at KraussMaffei and to working with my new colleagues. Dr. Ruf has decisively driven KraussMaffei's transformation and set an important course for the future, for which I am very grateful. Together with our main shareholder Sinochem, KraussMaffei is now ready for the next step.”
KraussMaffei, with global headquarters in Munich, manufactures injection molding, extrusion, automation and reaction process machinery, and recently entered the additive manufacturing machinery market.
