Changes in the management of LMT Finance & Shared Services and LMT Tools

Joachim Peter, Managing Director of LMT Finance & Shared Services and CFO of the LMT Tools Group, will leave the LMT Group on October 31, 2017, by mutual agreement.

Joachim Peter has been a member of the management of LMT Finance & Shared Services since January 2012 and was also part of the commercial management of Fette Compacting until February 2015. At that time, Mr. Peter took on company-wide process responsibility for the areas of finance, accounting including group accounting, taxes and legal, HR, and facility management. Additionally, Mr. Peter was responsible for the commercial management of LMT Tools.

Under the leadership of the two managing directors Joachim Peter and Karsten Kühl, LMT Finance & Shared Services, the internal service provider of the LMT Group, has advanced key strategic projects for the group in recent years.

In his role as CFO of LMT Tools, Joachim Peter has significantly contributed to the implementation of Strategy 2020 and the development of the operational business of LMT Tools in recent years. Among Mr. Peter's key achievements are the further expansion of the international sales structure, the establishment of four global Centers of Competence, and the strategic development of key locations in Pune/India and Nanjing/China.

Until a successor is appointed, Daniel Ehmans, Member of the Executive Board of the LMT Group and Division President of LMT Tools, will temporarily assume the commercial management of the LMT Tools business unit.

Mr. Karsten Kühl, Managing Director of LMT Finance & Shared Services and CFO of the Fette Compacting Group, who has previously led the group-wide processes of controlling, strategic purchasing, logistics, and IT, will temporarily assume the responsibilities of Joachim Peter in addition to his current duties.

The management of the LMT Group has acceded to Joachim Peter's request with great regret. Olaf J. Müller, Chairman of the Management Board of the LMT Group, stated: “We respect Joachim Peter's personal decision and regret losing a highly valued and experienced colleague. We thank him for his many years of extraordinary commitment to the LMT Group and for the very successful collaboration over the past six years. We wish Mr. Peter all the best for his future professional and private endeavors and continued success.”