RAUNHEIM, GERMANY (July 10, 1:45 p.m. ET) — Packaging film maker Treofan Group has appointed Peter Vanacker as CEO effective Sept. 1.
He replaces Giovanni Canetta, Treofan's interim CEO since April 2011, who will become vice chairman of the company's advisory board. Canetta also is general manager of Milan, Italy-based Management & Capitali SpA, Treofan's largest shareholder.
Vanacker has been a member of Bayer MaterialScience AG's executive committee since 2003. Most recently, he served as executive VP and chief marketing and innovation officer at the German materials group.
In his career at Bayer, he also previously led the group's polyurethanes business unit and was a senior executive in various functions in the Americas.
“We are very pleased with Peter's arrival,” said Giovanni Canetta. “Treofan has made significant progress over the past 15 months in defining strategy and addressing operational issues. Now Peter Vanacker brings exactly the right qualities to drive and implement this strategy with the support of the shareholders, while reinforcing the management team and the organization at large.”