Automotive and leisure vehicle industry supplier Webasto has begun a process of restructuring by appointing Johann Stohner as its new Chief Restructuring Officer (CRO).

The German company says it is stepping up the pace in re-aligning its corporate strategy to match the current economic conditions in the automotive industry by adding Johann to its management board effective 15 January 2025.

Johann brings more than 25 years of experience in the reorganisation of companies to Webasto and is the current managing director of the consulting firm Alvarez and Marsal. His leading of various other successful restructuring projects at medium-sized companies mean he is well placed to be responsible for a similar restructuring at Webasto.

Dr. Holger Engelmann, Chairman of the Management Board of Webasto, said: “We were on the right track with the optimization program we launched at the beginning of 2024. However, the general conditions in the automotive industry continued to deteriorate significantly for us in the second half of the year. Based on our overall responsibility to secure the future of the company and in consultation with all relevant stakeholders, we have therefore decided to initiate a restructuring process.

“We must continue to consistently adapt our production and development capacities to the changed situation, streamline our organisation as a whole and further sharpen our product range. With the addition of recognised restructuring expert Johann Stohner to the Management Board team, we can now tackle this with even more power and focus. For weeks we have been cooperating intensively already with Mr. Stohner and we know how extremely valuable his expertise is for Webasto in the current situation.”

Meanwhile, Johann added: “With its innovative products in the roof and electrification sector, its strong brand positioning and its broad customer base, Webasto is one of the most important companies in the automotive industry worldwide.

“By concluding the stabilisation agreement on 23 December 2024, we have reached an important milestone for the future financing of the company together with our core banks, promissory note holders and bilateral financiers. In this context, I would like to thank our financing partners for their support. We are now working intensively to develop a comprehensive restructuring concept.”