AEG Power names Casper as CEO and Ehrmanntraut as COO

The Board of Directors of 3W Power / AEG Power Solutions announces the appointment of Jeffrey Casper as Chief Executive Officer of the Group and Dietrich Ehrmanntraut as Chief Operating Officer, effective immediately. The appointments are considered to be an important step in the evolution of the Company with a renewed focus on operational excellence needed to achieve sustained profitable growth. Jeffrey Casper was formerly Chief Restructuring Officer and Chief Financial officer of the Group. Together with the Board of Directors, Jeffrey Casper successfully led the recovery process of AEG Power Solutions which started in December 2013 and culminated with the successful restructuring of the Group's financial debt at the end of August.

Dr. Dirk Wolfertz, Chairman of the Board of Directors commented: “Jeffrey was instrumental in setting and managing the comprehensive restructuring process, on both the financial and operational sides. His thorough understanding of the Company and his execution capacity positions him naturally to now lead the group on a new successful path. We are also very happy that Dietrich Ehrmanntraut has joined AEG Power Solutions. He brings a wealth of experience as a leader, manager from highly competitive and dynamic industries. He brings to AEG PS a focus on continuous improvement, quality and exceptional execution in operations, which is crucial to serving our customers and markets.”

Dietrich Ehrmanntraut joined in September and initially focused on operations activities in the largest facility of the Group in Warstein-Belecke (Germany). His role as COO will now allow the Company to optimize its operating activities around the world. Dietrich Ehrmanntraut is bringing to the Group his senior in-depth and international management experience, built on years spent in the demanding automotive sector.

“AEG Power Solutions has a solid foundation to build upon”, explains Ehrmanntraut, “I’ve been struck by the wealth of expertise of the teams and by the work already done to create a leaner and more efficient organization. On the operations side, our challenge is to continue to improve our time to market and reach excellence in serving our customers.”

“I am grateful to the Board of Directors for the confidence that they have placed in me to assume the responsibilities of CEO. In the last 11 months we have refocused AEG Power Solutions on its core strengths in industrial power supplies, power control and advanced power solutions in emerging technologies such as energy storage”, comments Jeffrey Casper, CEO. “The Company has created a promising basis for a return to success. We are pursuing our change program now to reinforce our sound foundations and build an agile, customer-centric organization which can build its growth on a sound basis.”

Next to his function as CEO Jeffrey Casper will continue to also lead the finance function as the CFO. Strong management support will be provided to him by Roger de Vries, the Vice President of Accounting and Reporting and by newly hired Jens Mueller, the Vice President of Controlling. The restructuring committee of the Board of Directors, comprised of Dr. Dirk Wolfertz, Chairman of the Board, Willi Loose and Jeffrey Casper will continue to implement operational efficiencies and continuous performance necessary to bring the company to the status of sustained and consistent profitability.