DGAP-News: Knorr-Bremse Aktiengesellschaft: Changes in Executive Board: Knorr-Bremse Supervisory Board takes important personnel decisions

Press release

Changes in Executive Board: Knorr-Bremse Supervisory Board takes important personnel decisions

- Chief Executive Officer Dr. Jan Mrosik is to leave the company

- Supervisory Board prematurely extends Frank Markus Weber's contract as Chief Financial Officer by five years; at the same time, until the question of CEO succession has been resolved, Mr. Weber is also to assume the function of Executive Board Spokesman with immediate effect

- Bernd Spies, since 2014 Chairman of the Management Board of Knorr-Bremse Systeme für Nutzfahrzeuge GmbH, takes over as new Executive Board Member responsible for the Commercial Vehicle Systems Division

Munich, March 11, 2022 - The Chief Executive Officer of Knorr-Bremse AG, Dr. Jan Mrosik, is leaving the company by mutual agreement with effect from April 30, 2022 and is stepping down from the Executive Board with immediate effect. This was resolved unanimously by the Supervisory Board of Knorr-Bremse at its meeting today. Until the question of succession has been resolved, Chief Financial Officer Frank Markus Weber will additionally assume the duties of CEO on an interim basis.

Prof. Dr. Klaus Mangold, Chairman of the Supervisory Board: "The Supervisory Board thanks Dr. Mrosik for his dedication and commitment as Chief Executive Officer. Together with his colleagues on the Executive Board, he steered the company very well through the Coronavirus crisis. Knorr-Bremse is a perfectly sound, crisis-proof company with an outstanding business performance."

The Supervisory Board has initiated the search for a successor. The rapid pace of global change processes in the critical development of the world economy and the enormous dynamism of the markets will be of particular significance in the requirement profile for the position.

Prof. Dr. Klaus Mangold: "The Supervisory Board sees its decision to prematurely extend Mr. Weber's contract by five years as an important step towards continuity in the company management. We thank Mr. Weber and the Executive Board as a whole for their successful management of the company particularly in these difficult years of the Coronavirus pandemic."

Today, the Supervisory Board also made another important personnel decision: Bernd Spies is appointed as the new Executive Board Member responsible for the Commercial Vehicle Systems division with effect from March 12, 2022. Mr. Spies has been Chairman of the Management Board of Knorr-Bremse Systeme für Nutzfahrzeuge GmbH since 2014 and will continue to perform this function.

Prof. Dr. Klaus Mangold: "In the past several years Mr. Spies has made a very important contribution to the company's success in the Commercial Vehicle Systems division particularly in sales, thanks to his excellent customer relationships, and in terms of strategic focus and margin stability. I am pleased to see that in him we are welcoming a successful top manager from the ranks of Knorr-Bremse with highly developed international experience as a new Executive Board Member. With his experience, he will be able to advance and further consolidate Knorr-Bremse's global commercial vehicle business."

Media contact:

Alexander Stechert-Mayerhöfer, Tel.: +49 89 3547-1942,

[email protected]

Investor Relations contact:

Andreas Spitzauer, Tel. +49 89 3547-182310, [email protected]