Lenzing is restructuring its business for the future. The company, which specialises in the production of cellulose fibres, has announced today the appointment of Rohit Aggarwal as the future CEO of Lenzing. The executive currently holds the same position at the Swiss dyeing company Archroma.
Aggarwal, however, He will not join the company until March 2025, when the departure of the current CEO, Stephan Sielaff, will take effect. The future chief executive of Lenzing has held similar positions throughout his career, among which his role as CEO of the American Huntsman Textile Effects stands out, before it was purchased by Archroma.
The executive has also acted as president of the Sustainable Chemistry for the Textile Industry (Scti) associationan alliance of chemical companies that aims to popularize chemical practices that are more sustainable than traditional ones.
Lenzing has already appointed who will be its CEO from mid-2025
The change at Lenzing’s leadership comes shortly after the company reported net losses of 593 million euros in 2023compared to the red figures of 37.2 million euros in 2022. The company must now also face the general drop in prices and lower margins.
“Weak demand and the still strong increase in raw material and energy costs have led to a result in 2023 with which we are not satisfied“Sielaff stressed after presenting his results.
Recently, in addition, Brazilian giant Suzano acquired 15% of the company for 230 million euros. Under the terms of the agreement, Suzano has also reserved the possibility of purchasing another stake, also 15%, until 2028.
