Germany – This month cable and harnessing manufacturer, Leoni AG of Nuremberg, Germany, announced that in order to address its financial challenges, the company will undergo a series of actions and emerge as a privately owned company, delisting from the public stock exchange in order to have a firmer financial base. After reaching a deal with lenders, bondholders and various other stakeholders, Leoni will receive a cash injection of EUR 150 million and be relieved of EUR 708 million in debts. Stefan Pierer, an Austrian investor and CEO of Pierer Mobility (a motorcycle manufacturer) will become Leoni’s sole shareholder. Pierer has successfully restructured the automotive suppliers Polytec AG and Peguform (now SMP) and has been a member of Leoni’s Supervisory Board since May 2021 and was elected its chairman in May 2022.

Klaus Rinnerberger has recently been appointed as their new Chief Executive Officer (CEO), effective immediately, succeeding outgoing CEO Aldo Kamper who left the company in May 2023. During that time Hans-Joachim Ziems had taken on the role of caretaker CEO.