Reinemachen im Imperium von Peter Spuhler: Nach Stadler Rail tauscht auch Rieter den CEO aus

Rieter's CEO, Thomas Oetterli, was replaced amid a series of leadership changes at the Swiss textile machine manufacturer. Peter Spuhler, a major shareholder with a 33.1% stake, faced critical questions. Rieter swapped its CEO with Daniel Lippuner, who is set to take over management at the end of November, replacing Thomas Oetterli.

The chairman of Rieter's supervisory board, Carl Illi, will assume the role officially as of the following day. The move comes after Stadler Rail, another company owned by Spuhler, announced its own CEO change, which appears to have been planned for some time. Spuhler, who holds 42.3% of Stadler's capital, was initially reported to be planning the change at Rieter, but it seems to have been a long-standing arrangement.

Oetterli joined Rieter in 2023 to reboot the struggling company, implementing a cost-cutting program named "Next Level" that led to the elimination of 1,400 full-time positions by 2025. Despite these measures, Oetterli was unable to revive Rieter's fortunes. The acquisition of Barmag, a competitor's textile machine division, for 713 million Swiss francs in early 2023, provided Rieter with a second revenue stream in the production of non-cotton fibers.

However, both the cotton and non-cotton markets are experiencing weak demand. Rieter's debt has risen to nearly 530 million Swiss francs after acquiring Barmag, down from a net liquidity of 184 million francs at the end of the previous fiscal year. Weak demand in the textile machine market has persisted for four years, with no recovery in recent years.

Market experts attribute the decline to both weak demand and lost market share to competitors. Rieter's neglect of customer care and staff reductions during the cost-cutting process may have contributed to the decline. Many investors struggled to understand Oetterli's dual role as crisis manager and chairman of the supervisory board at a listed Swiss industrial company.

Oetterli also held a position on the supervisory board of SFS. His dual role at Rieter was also controversial. Some market observers believe Oetterli lacked qualified personnel to manage the textil industry. Oettinger's appointment as CEO came with a new mandate, which many investors viewed favorably, as the announcement did not come with a renewed profit warning.

Analysts from the Zürcher Kantonalbank welcomed the change, stating it was positive. However, the company's stock has fallen nearly 90% over the past five years, with a market capitalization of just 350 million Swiss francs. Rieter may be an acquisition target if Spuhler and Haefner do not continue to steer the company.