Munich and Mumbai. TÜV SÜD, one of the world´s leading providers of safety, quality and sustainability solutions, announces a new management structure with effect from 1 May 2017. The new structure will be led by a Board of Management team comprising CEO, CFO and a newly created Chief Operating Officer (COO) position. The CEO and CFO positions will continue to be held by Prof. Dr.-Ing. Axel Stepken and Dr. Matthias J. Rapp respectively. Ishan Palit, who held various leadership positions at TÜV SÜD over the last two decades, is appointed as COO. Palit is the first non-German Board member in the history of all German TÜV organisations since 1866. The new management team will lead TÜV SÜD into its next phase of growth, together with a Leadership Council formed by the CEOs of Divisions and key Regions.
“Internationalisation, digitisation and technical progress provide promising market opportunities for TÜV SÜD in the years to come. This is the right time for restructuring and consistently advancing the existing management structure of the TÜV SÜD Group”, says Prof. Dr.-Ing. Hans-Jörg Bullinger, Chairman of the Supervisory Board of TÜV SÜD AG. The new management structure will make the Group more agile and improve the efficiency of decision-making processes to make even better use of market opportunities and propel future growth. With this objective in mind, the Supervisory Board of TÜV SÜD AG decided that with effect from May 2017, Germany's largest TÜV organisation will be led by a Board of Management team comprising three members, and that a new Leadership Council will be established.
Prof. Dr.-Ing. Axel Stepken, who has held the position of Chairman of the Board of Management of TÜV SÜD since June 2007, will continue to be globally responsible for the strategic leadership of the Group, represent the company in external relations and drive its further development.
Dr. Matthias J. Rapp, Chief Financial Officer (CFO) of the Group since August 2013, will continue to be responsible for the financial management of the Group, as well as IT and the Shared Service Organisation.
The Supervisory Board has appointed Ishan C. Palit as the new member of the Board of Management and Group COO. From 1 May 2017, he will be responsible for operations and sales across all divisions and geographies, including the German market. This appointment also marks the first time, in the 150-year history of the TÜV organisation, for a non-German executive to be designated as a Member of the Board of Management. This move demonstrates TÜV SÜD’s commitment to further develop into a global organisation, leveraging the breadth and depth of management and operational experience of its managers.
Palit is a US citizen with more than two decades of professional experience in the United States (US) and Asia. The 49-year-old executive was born in Mumbai, India and completed his education in the US and United Kingdom. His career at TÜV SÜD spans 23 years including the founding of TÜV SÜD´s India subsidiary in 1994. He has since held several key leadership positions, including CEO of the Asia Pacific region. In his most recent position, as CEO of TÜV SÜD’s Product Service Division, he was responsible for TÜV SÜD’s most international division which has also proved the company’s key growth driver in recent years.
The introduction of the new management structure on 1 May 2017 also changes the composition of the Board of Management of TÜV SÜD: Karsten Xander and Dirk Eilers left the leadership team at the end of April. At the company's request, Dirk Eilers who will be retiring in 2018 after a 37-year career with TÜV SÜD, declared his willingness to act as the Group´s Chief Regional Representative in Asia. In addition, he will act as interim CEO of the Product Service Division until a successor is appointed. Karsten Xander left the company at his own request at the end of April. The Chairman of the Supervisory Board, Prof. Bullinger, expressed TÜV SÜD´s gratitude towards the two executives: “Karsten Xander and Dirk Eilers deserve our gratitude for their dedication, commitment and successful work as members of the Board of Management of TÜV SÜD over the last seven years. Both executives have made significant contributions to the international expansion of the TÜV SÜD Group.”
Background information: In early April, the provider of safety, quality and sustainability solutions published its key figures for fiscal 2016. Year-on-year revenue increased by around 6 per cent to EUR 2.343 billion, while earnings before interest and taxes (adjusted EBIT) rose by over 6 per cent to EUR 202 million. Over the same period, the company's headcount went up to 24,000 worldwide, a year-on-year increase of 1,600 people; most of the company's employees work at international level.