The bosses of Airbus supplier Premium Aerotec have resigned as the company seeks new management to help improve its financial performance. President and Chief Executive Kai Horten, and Human Resources head Wolfram Sauer are leaving the company with immediate effect, while Chief Financial Officer Helmut Kretschmer will remain in charge until the end of June, the company said.
"Premium Aerotec is intensifying its company-wide restructuring to give a rapid and lasting boost to the company's operational and economic performance," the group said in a statement on Tuesday. The unit of aerospace group EADS said it plans to reduce costs significantly by 2015, whilst focusing on generating a sustainable positive cash flow, in line with its parent's targets. The company has named Marco Wagner, 44, as new Human Resources head and a managing director with immediate effect. Wagner ran Human Resources in Airbus' programmes department. A new CEO and CFO will be appointed shortly.
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