Austrian cellulose fibre specialist Lenzing has made a change in its top hierarchy. A new executive wasn’t set to be appointed before next March, but the group has now announced that Rohit Aggarwal will assume the role of CEO from September 1.

Current CEO Stephan Sielaff, who has been in charge since 2022 and whose contract would expire in March 2025, will step down at the end of August, as stipulated with the group’s supervisory board. His successor’s arrival was initially announced at the end of June, when Aggarwal joined the group’s executive committee, with a view to taking over as CEO.

Aggarwal’s appointment follows in the wake of the purchase of a 15% stake in Lenzing by Brazilian company Suzano. The latter, a cellulose fibre producer based in Sao Paulo, has already stated it intends to acquire additional shares in the Austrian group in future.

“Together with the management and employees of Lenzing, we will guide the company to a prosperous future as a major player in the sustainable textiles industry,” said Aggarwal. “However, we must not forget that the market context is still tough, and that we must continue to put all our efforts in improving Lenzing’s performance,” he added.

In fiscal 2023, the Lenzing group recorded a revenue of €2.5 billion, a slight decrease compared to the previous year. EBITDA instead grew from €241 million to €303 million. Lenzing recently appointed Kit Ping Au-Yeung as executive vice-president in charge of the textiles business.