Friedrich Huemer, CEO and major shareholder of automotive supplier Polytec (Hörsching / Austria; www.polytec-group.com), has relinquished the post of CFO to Klaus Rinnerberger, apparently under pressure from the supervisory board. Rinnerberger, most recently CFO at Magna Steyr, also assumes responsibility for driving forward the integration of Peguform. At the same time, Reinhard Urmann has resigned his post as COO of the Automotive System division. He will be succeeded by Alfred Kollros, previously COO for the Automotive Composites and Car Styling divisions, who is also becoming COO for the Group.

Polytec is under considerable pressure. Order intake is apparently 20% lower than normal in some units. The share price has dropped to a record low of EUR 1.38 on the Vienna Stock Exchange, valuing the company at just EUR 32m.