Essen, Germany, January 18, 2012 — Elster announced that, following more than six years as chief financial officer of Elster, with accomplishments that include a successful initial public offering, secondary offering and refinancing, improvements in profitability, efficiency and working capital, and the establishment of core public company infrastructure, Christoph Schmidt-Wolf plans to leave Elster at the end of March.
"Christoph's exceptional record of delivering results with steady and robust revenue growth across the business and strong fiscal discipline speaks for itself," said Simon Beresford-Wylie, CEO of Elster.
"He has guided the company through the transition from private equity ownership onto the New York Stock Exchange as a publicly traded company and we wish him all the best in his future endeavours," Beresford-Wylie added.
Schmidt-Wolf will be succeeded as CFO by Rainer Beaujean. Beaujean will join Elster on February 1, 2012 and will formally take over as CFO in early March 2012, thereby providing for a two month transition period.
Beaujean has spent the past five years as CFO and member of the management board of Demag Cranes AG. Demag Cranes AG, with 2010/2011 financial year revenues of more than 1.06 billion Euros, is a provider of industrial cranes, crane components, mobile harbor cranes and port automation technology and was a MDAX listed company on the Frankfurt stock exchange until the takeover by Terex Industrial Holdings in August 2011.
Prior to Demag Cranes AG, Beaujean served six years at T-Online International AG. He was the CFO of T-Online International AG for four years before being appointed CEO. Beaujean left T-Online International AG after the merger with Deutsche Telekom AG in 2006.
Beaujean started his business career with Deutsche Telekom AG. Mr. Beaujean worked in various senior finance functions at Deutsche Telekom before he was appointed as CFO of T-Online International AG.
Beaujean will be a managing director of the company and member of Elster's group executive board. It is also intended to propose the appointment of Beaujean as member of the company's administrative board at the next annual general meeting.