Varta appoints new CEO to “navigate challenges ahead…”

Varta appoints new CEO to “navigate challenges ahead…”

Varta appoints new CEO to “navigate challenges ahead…” 1024 731 Batteries International

May 10, 2024: German battery manufacturer, Varta, has hired Michael Ostermann as chief executive, citing his restructuring experience as the company struggles with a return to profitable growth.

Ostermann, 58, started the job on May 6 but has  already been involved with Varta for many months, the company said. Former CEO Markus Hackstein will return to Montana Tech, where he worked before joining Varta.

Shares in Varta plunged last month after the company warned it could miss targets for its restructuring program — blaming a cyberattack in February that disrupted production and forced the company to postpone full-year results. This, they said, was compounded by supply-chain problems and lower demand for its energy-storage products.

Michael Tojner, chairman of Varta’s supervisory board said: “We are delighted to have found an experienced candidate for the position of CEO in Michael Ostermann. He brings with him experience and knowledge that will provide important impetus in meeting the challenges that lie ahead for the company.”

Ostermann has implemented restructuring strategies in the automotive and energy-storage sectors, Varta said, citing his role at Exide Technologies, where he headed the company’s Europe and Asia divisions.

Ostermann said: “I chose this position because I believe in Varta’s opportunities. I see the challenges. But most of all I see the potential. Together, we will meet the challenges and realize the potential”.