A few weeks after Brazilian cellulose producer Suzano entered its capital, Lenzing‘s supervisory board announced the appointment of Rohit Aggarwal to the management board. He will take charge of the fibers division in the third quarter and will succeed Stephan Sielaff as CEO upon his departure, no later than March 2025.

Suzano, headquartered in São Paulo, announced in mid-June its acquisition of a 15% stake in Lenzing in agreement with the primary shareholder, B&C Group. Suzano also expressed its intention to acquire additional shares in the company. Their goal is to “continue the development of the Austrian fiber specialist to achieve increased revenue and profits and further improve international competitiveness.”

Rohit Aggarwal, who holds a degree in business administration, brings several decades of leadership experience in the textile and chemical industries. Lenzing highlighted that Aggarwal’s extensive management roles across Europe, the United States, and Asia have provided him with a robust understanding of strategic market development and the establishment of effective management teams. He also brings significant expertise in the global textile and fiber markets.

Stephan Sielaff, chairman of Lenzing AG’s management board, will leave the company by the end of his contract in March 2025 to pursue new opportunities.

“I would like to express my deep gratitude to Stephan Sielaff for leading the company with steady and tireless dedication through an extraordinarily challenging period marked by several crises,” commented Cord Prinzhorn, chairman of Lenzing AG’s supervisory board. “With Rohit Aggarwal, we gain an internationally recognized leader who is well-versed in the textile markets, from raw materials to the processing of eco-friendly fibers. On behalf of the entire supervisory board, I am delighted that we have convinced Rohit Aggarwal to take on the role of director of the Fibers division and subsequently the position of CEO.”

In the 2023 fiscal year, the Austrian group achieved a revenue of 2.5 billion euros, a slight decline from the previous year. EBITDA increased from 241 to 303 million euros. Lenzing recently appointed Kit Ping Au-Yeung as executive vice president in charge of textile business.

(With DPA)