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Visiocorp Moves Into Next Phase of Transformation |
- Based on preliminary figures, Visiocorp has achieved its 2007 profit objectives.
- Turnaround specialist Alvarez & Marsal to step down from Board and as Chief Restructuring Officer.
Portchester, February 25th, 2008: Visiocorp plc, the UK-based, leading global supplier of mirrors to the automotive industry, today announced that Alvarez & Marsal (A&M), the global turnaround and profit improvement advisor firm, advising Visiocorp since May 2007 is reducing its level of engagement in the company. Following the completion of the financial restructuring this decision has been made possible by the achievement of 2007 profit objectives (pending final audit), as well as the strengthening of Visiocorp's senior management team.
As of today, Antonio M. Alvarez III and Chief Restructuring Officer Stefaan Vansteenkiste of A&M will resign from the board of Visiocorp plc. Ulrich Bruhnke, CEO of the company since July 2007 will assume Mr. Vansteenkiste’s responsibilities on the board. In order to ensure maximum continuity of the restructuring projects, the operational responsibilities will be gradually transferred to Visiocorp’s Executive Management Team over a three month transition period.
Karl-Heinz Bierenbreier will replace Keith Peake as Chief Operating Officer. In addition to his current responsibilities for Supply Chain Management Mr Bierenbreier will also be responsible for Global Quality.
Visiocorp and A&M have agreed a longer-term mandate for Just Spee (a Senior Director of Alvarez & Marsal) to continue in the role of CFO of Visiocorp in order to ensure that the company has continued reporting transparency and rigor.
Stephen Kessel, Chairman of the Board of Visiocorp plc, said: “During recent months, Visiocorp has significantly strengthened its management team both through internal promotions and the hiring of external specialists. I am confident that we can now take the business through the next stage of its transformation. We very much appreciate the support and efforts of the Alvarez & Marsal team both on the Board and ensuring the company moved forward from an operational standpoint during a period of tremendous crisis."
CEO Ulrich Bruhnke said: “As leading global supplier of mirrors to the automotive industry we have achieved our targets for 2007. Again, for 2008 we set ourselves ambitious targets. I am confident that with a strengthened Management Team and a motivated workforce we will be able to execute on the challenges of the restructuring in 2008."
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