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Axel Arendt to become member of the Group Executive of aero engine maker Rolls-Royce plc and Chairman of Rolls-Royce Deutschland
Amsterdam, 11 October 2002
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Hans Peter Ring, 51, has been appointed as Chief Financial Officer (CFO) and a member of the Executive Committee of EADS (stock exchange symbol: EAD), the world’s second largest aerospace and defence company. The appointment is effective 1 November 2002, and Mr. Ring is expected to be confirmed a member of the Board of Directors at the next Annual General Meeting in spring 2003. In its meeting today, the Board of Directors has accepted the resignation of the former CFO Axel Arendt, 53, who has decided to continue his career as member of the Group Executive of aero engine maker Rolls-Royce plc, responsible for the operations in Germany.
The CEOs of EADS, Philippe Camus and Rainer Hertrich, expressed their appreciation of Mr. Arendt’s contribution to the company in the past two and a half years: “Axel Arendt has played a significant role in the development of EADS. His accomplishments during this defining period for EADS include closing the Initial Public Offering in record time, which was vital to the completion of the merger. His breadth of experience and familiarity with foreign environments were critical in bringing together the legacy cultures of our founding companies. He shaped the organization of the finance function in order to successfully support and steer our businesses. And he played an essential part in gaining high credibility for EADS in the financial markets. We wish him much success in his new responsibility.”
Mr. Arendt had joined DaimlerChrysler Aerospace AG (Dasa) in February 2000 from the automotive business of DaimlerChrysler.
Hans Peter Ring was previously Senior Vice President in charge of Controlling at EADS and has thus strongly contributed to the achievements of the finance function. The CEOs praised his extensive and diverse experience in the Aerospace and Defence industry: “Hans Peter Ring is the best man to follow Axel Arendt in this position in the currently difficult business environment. He has excellent understanding of the value drivers of this company. He will ensure strong leadership, discipline in investing for the future development of EADS, and a continued focus on the preservation of cash and profitability.”
Mr. Ring emphasized that EADS is entering a phase where “we must consolidate our initial successes, concentrate on operating efficiency and excellence of strategic execution, to ensure that EADS is even better placed once the international market environment improves.” He is also committed to maintain his predecessor’s dedication to transparency in reporting to shareholders, and to position EADS as an attractive investment in the financial markets.
Mr. Ring joined MBB Military Aircraft in 1977 in the Budgeting and Accounting department, which he ultimately headed. In 1987, he became Senior Manager and Head of Controlling for the Missile business of MBB, and following the merger of MBB into Dasa, for the Aviation and Defense divisions at the headquarters of the newly formed entity. In 1992, he was appointed CFO and member of the Board of the regional aircraft business at Dornier Luftfahrt GmbH, then a subsidiary of Dasa. In 1996, he became Senior Vice President of Controlling of the Dasa Group; he was deeply involved in the preparation and implementation of the merger and IPO of EADS.
EADS is a global aerospace and defence company, and is the world’s second largest in terms of revenues, having achieved €30.8 billion in 2001. EADS maintains a workforce of more than 100,000 and is a market leader in defence technologies, commercial aircraft, helicopters, space, military transport and combat aircraft, as well as related services. Its family of leading brands includes the commercial aircraft maker Airbus; Eurocopter, the world's largest helicopter manufacturer; Astrium, the space company and MBDA, the world's second largest missile company. EADS is also the biggest partner in the Eurofighter consortium and heads the A400M military transport aircraft programme. EADS has more than 70 facilities in France, Germany, Spain and the UK. It is active in markets around the world, including the U.S. and Asia.
Contact:
Eckhard Zanger
EADS Communications Finance
Tel. +49 89 607 27961
