MUNICH — Frank Stieler has been named CEO of machinery manufacturer KraussMaffei Group GmbH, the Munich-based company announced June 15.
Stieler will replace Jan Siebert, who has led the company since January 2012. Siebert is leaving at his own request, effective July 26.
KM Chairman Kurt Kinzius called Stieler “a charismatic leader with an outstanding track record of more than 20 years of international experience in renowned German industrial companies with a global presence, especially in machinery and systems engineering.”
Stieler's previous experience includes top management positions, including at Lurgi AG (now known as Air Liquide Group), Siemens AG and Hochtief AG.
“Leveraging his expertise and track record, … Stieler will advance the KraussMaffei Group, recognize and accelerate the company's growth potential and further strengthen its position in international markets,” Kinzius said in a news release.
At Siemens, Stieler helped make the company's oil & gas business unit into a fast-growing and highly profitable division, according to the KM release.
Kinzius also thanked Siebert for progress that KM has made under his leadership.
“Under Jan Olaf Siebert's management, the group has successfully expanded its global presence and strengthened its market position in both traditional and emerging markets. We respect his decision to pursue new opportunities. I am convinced that Jan Olaf Siebert will remain in favorable contact with KraussMaffei Group in the future and I wish him all the best for his future,” Kinzius said.
KM is owned by Toronto-based private equity firm Onex Corp. KM sells KraussMaffei and Nestal injection molding machines, plus KraussMaffei Berstorff extruders and KraussMaffei reaction injection molding equipment.
