Kronach, November 29, 2011 – The Supervisory Board of Loewe AG and Executive Board member Manfred L. Fitzgerald, Chief Marketing and Sales Officer, have agreed by mutual consent to release Mr. Fitzgerald from his responsibilities as of November 30, 2011.
From December 1, 2011, the management team of Loewe AG will consist of CEO Oliver Seidl and CTO Dr. Detlef Teichner, which will result in a more streamlined organization. The former division managers Henrik Rutenbeck (marketing) and Gerd Weiner (sales) will in the future join Loewe's upper management echelon as managing directors. This will ensure direct responsibility with rapid decision-making channels at the highest management level.
The sales trend of the Loewe Group fell significantly short of expectations in recent months. To benefit successfully from opportunities in the premium market of the consumer electronics sector, Loewe has initiated a communication and product offensive. In addition to TV advertising in Germany targeted to specific groups, the Company will expand the Loewe product world to include a completely new segment with the launch of new standalone audio products in the next few days. The new management structure will make it possible to speed up the decision-making process, systematically expand the premium-based marketing within and outside of Germany as well as rapidly implement and launch new, innovative products to the market.