Hilti starts generation change
Hilti plans to complete a generation change at a management level over the next two years. Only internal candidates are being promoted to the Executive Board. Jahangir Doongaji will take over from Christoph Loos. The current CEO will take over as Chairman of the Board of Directors.
Hilti, a tool manufacturer based in Schaan in Liechtenstein, will undergo “a major generation change” over the next two years according to a press release. The statement released goes on to add that changes in personnel will be synchronized with a review of the corporate strategy. The Hilti family will also be represented on the Board of Directors in future.
From the start of 2023, Jahangir Doongaji will run Hilti as CEO of the group. Hilti explains in a press release that the elected CEO came to the company in 2000 and has been a member of the Executive Board for eight years. The current CEO, Christoph Loos, had been in this position since 2014 and will take over as Chairman of the Board of Directors at Hilti. In addition to Honorary Chairman Michael Hilti, his daughter Michèle Frey-Hilti will enter the Board of Directors from April 2022. Hilti details further planned changes to the Executive Board and the Board of Directors in the press release.
Michael Hilti is quoted in the press release, saying: “We are proud that we were again able to promote exclusively internal team members to our Executive Board. […] This is a practice we successfully adhere to since many years.”
In a separate press release, Hilti has reported its figures for the 2020 financial year. According to this, Hilti achieved sales totaling 5.33 billion Swiss francs in the reporting year, which is 9.6 percent lower than 2019. The operating profit fell by 7 percent in 2020 versus the previous year, at 728 million Swiss francs. Net income decreased by 10.2 percent year on year to 531 million Swiss francs. In contrast, return on sales (ROS) rose by 0.4 percentage points to reach a new record of 13.7 percent.
CEO Christoph Loos comments in the press release: “2020 was a turbulent business year which also shows in our figures. Overall, we came through the pandemic year with a black eye and were able to avoid compromising the financial stability of our company.” Hilti anticipates sales growth again for the current year, with the aim of improving profitability to reach the same level as it was before the pandemic.