Her appointment was approved by shareholders at Heidelberg’s AGM, held yesterday (25 July). Chinese manufacturer Masterwork became Heidelberg’s largest shareholder in March. 

Earlier this month Heidelberg downgraded its financial forecasts, propelling its share price to a five-year low.

At the AGM the manufacturer’s executive board told the audience of 1,200 shareholders that it was instigating a variety of measures to improve its working capital and cashflow position.

This could include the sale of some smaller business operations.  

Heidelberg said it had instigated a programme to “significantly reduce tied-up capital, including optimizations of flow times and inventory levels, improvements to receivables management, and improvements in terms of payment. 

“In addition, Heidelberg is reviewing portfolio adjustments through the sale of smaller business units as well as further structural optimisations.”

It said that potentially a total of around €100m (£89.6m) could be freed up.

More than 80% of Germany’s factories are currently suffering a period of contraction according to the Ifo Institute in Munich, with president Clemens Fuest describing the business climate indicator as being “in freefall”.