Jürg Oleas appointed chairman of mg's Executive Board
Frankfurt am Main, October 26, 2004: At its meeting yesterday, the Supervisory Board of mg technologies ag appointed Jürg Oleas (46) the new chairman of the company's Executive Board with effect from November 1, 2004 and extended his appointment to the Executive Board until December 31, 2007. The Supervisory Board had already agreed to terminate the Executive Board appointment of Udo Stark, chairman of the Executive Board of mg technologies ag. He will be leaving the company with effect from October 31 this year, prior to the expiry of his contract. "Now that key stages of mg's strategic reorganization have been initiated, the task is to move its operational business forward. Jürg Oleas has a proven track record as an engineering expert and, as a member of the Executive Board, possesses in-depth knowledge of the mg Group", stressed Dr. Jürgen Heraeus, chairman of the Supervisory Board of mg technologies ag.
Having discussed the matter at length in a meeting on October 15, the Supervisory Board had already decided unanimously that it saw no justification for the motion demanded by members of the Executive Board to remove Dr. Otto Happel from the Supervisory Board. "I am sure that in the future we will once again see a continuation of the very close working relationship between the Executive Board and all members of the Supervisory Board", said Oleas.
Oleas, a Swiss national, has been an executive director at mg since May 2001, where he has been responsible for the Chemicals business. From January 2003 through July 2004 he also chaired the Executive Board of Dynamit Nobel AG, most of which was sold with effect from July 31 this year. Oleas, who grew up in South America, was born in Quito, Ecuador, in December 1957. In 1976, he began to study mechanical engineering at the Swiss Federal Institute of Technology in Zurich, graduating in 1981. In the same year he started his career with the ABB Group. From 1982 through 1996 he worked as a development engineer in the field of steam turbines and plant engineering at ABB Switzerland. He subsequently assumed overall responsibility for global sales of steam power plants. During this period he underwent ongoing training and professional development in France, Hong Kong, Korea, India, the U.K., and U.S. In 1996, Oleas moved to ABB Germany as divisional head of turnkey steam power plants. From 1999 through 2001 he was President of Alstom Power Switzerland and Managing Director, Business Combined Cycle Gas Turbine Segment, at Alstom Power with global responsibility.
