KraussMaffei Group GmbH (KMG) will have a new CEO and management board chairman effective Jan. 1.
Li Yong, who has held various high-level positions with Sinochem Corp., the main shareholder of KraussMaffei Co. Ltd., will take over the KMG positions from Michael Ruf, who decided not to extend his contract, the company said Nov. 29.
Ruf will remain with Munich-based KMG until his contract expires March 31, aiding the transition and working on ongoing projects. Ruf has been a member of the KMG management board since April 2019, first as chief operating officer. Since April 2020, he has served as CEO for both KMG and KraussMaffei Co. Ltd.
KraussMaffei became part of Beijing-based Sinochem in 2020 when the latter merged with China National Chemical Corp., also known as ChemChina. The resulting chemicals giant holds positions in plastics and rubber materials and machinery, as well as real estate, finance and especially oil.
Sinopec's full company name is China Petroleum & Chemical Corp.
Li has been with Sinochem almost two decades, holding management and executive titles. Since June, he has also been involved with KMG.
Bai Xinping, supervisory board chairman, emphasized Li's international experience and familiarity with growth markets in Asia. Li will help "return KraussMaffei to its former strength," Bai said in a statement.
Bai also acknowledged Ruf's guidance of KMG "through some unprecedented challenges in recent years" crediting Ruf with significantly modernizing KMG's technology and processes.