Heidelberg begins search for new CFO

Monz (left) with Wassenberg: "The future of Heidelberg is spread across many strong shoulders"
Monz (left) with Wassenberg: "The future of Heidelberg is spread across many strong shoulders"

Heidelberg is on the hunt for a new CFO following the surprise news that incumbent Marcus Wassenberg is leaving for pastures new.

Heidelberg said that Wassenberg was leaving to join the board of another, unnamed industrial company. 

He will leave by 1 April 2023 at the latest, which would cover the €2.18bn (£1.9bn) turnover manufacturer’s current financial year. 

Heidelberg said it plans to “fill the position quickly” and Wassenberg will work with the supervisory board and CEO Dr Ludwin Monz – who took over just seven months ago – “to ensure an orderly transition of his duties and responsibilities into new hands”.

Wassenberg joined Heidelberg in September 2019. When he was appointed the manufacturer’s share price was at an all-time-low of €0.85. 

He worked alongside then-CEO Rainer Hundsdörfer on what became a slimmed down two-man board that navigated the turmoil wrought on Heidelberg’s business and customers by the Covid-19 pandemic. 

Hundsdörfer stepped down in April at the end of the 2021-22 financial year, and was replaced by former Zeiss executive Monz.

Wassenberg’s departure is by mutual consent, but marks a significant change from previous expectations as Heidelberg had extended his contract by five years, to 2027, last year.

Monz described Wassenberg as a committed innovator and highly valued board colleague. 

“Despite the unexpected challenges of the pandemic and the current uncertain geopolitical situation, he and his colleagues have restored the company's robust economic performance,” Monz said.

“We will now continue unwaveringly with the strategic development of our portfolio and business model innovation. This is what our supervisory board, the management team and I stand for together.”

Monz asserted: "The future of Heidelberger Druckmaschinen is spread across many strong shoulders.”

Wassenberg commented: "The task now is to further strengthen the core business and at the same time drive forward the development of new business areas based on the company's extensive competencies, for example in electromobility, automation and sensor technology. 

He said that under the leadership of Monz, the company was “excellently equipped for this permanent innovation task”.

As CFO Wassenberg is also Heidelberg’s chief human resources officer and his raft of responsibilities include HR, controlling and financing, procurement, IT, investor relations, M&A, accounting, legal, patents, corporate governance, compliance and data protection, site management, and taxes.

Heidelberg’s share price has been on a downward trend this year and currently stands at €1.25 (52-week high: €3.14, low: €1.10).

Heidelberg’s financial goals for 2022/23 include sales of around €2.3bn and EBITDA margins of at least 8%.