German plastics machinery maker KraussMaffei (KM, Munich; www.kraussmaffei.com) is getting a new CEO in Chi Zhang, the current chairman of the supervisory board. His predecessor Yong Li – who was appointed only at the end of 2022 – is to be demoted to chief administrative officer with responsibility for HR and IT. Jörg Bremer remains the chief financial officer.

The Chinese parent company has tried to present the change in a positive light: “With our further strengthened management team, the support of our main shareholder Sinochem, and the many committed and highly competent colleagues in Germany and around the world, we have the best prerequisites,” Zhang continues, “to return KraussMaffei to the road to success”.

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The slump in demand had caused considerable problems for the mechanical engineering group in recent months. The company recorded losses – partly due to the expenditure for the new plants in Laatzen, Germany, in 2022. KM also announced extensive job cuts. 

Chi Zhang has worked in Sinochem (Beijing; www.sinochem.com) management positions for over two decades. Since the end of 2022, he has been chairman of the supervisory board of China National Chemical Equipment Company, the holding company of the KrausMaffei group within the Sinochem group.