W&H Completes Generation Change in Management
Peter Steinbeck joins the Supervisory Board as of January 2024,
Dr. Falco Paepenmüller becomes CEO
W&H is completing the generational change in its management that has been in preparation for a long time: as of January 1, 2024, Chief Technology Officer Dr. Falco Paepenmüller will take over from Peter Steinbeck as CEO. Steinbeck, who has been responsible for sales and service activities for more than 20 years and has been CEO since 2021, will move to the Supervisory Board and remain with the company as a shareholder. As a result, the W&H Management Board will consist of three members from 2024: Chief Financial Officer Martin Schulteis and Chief Sales Officer Sascha Witt will remain alongside Paepenmüller.
As of Jan. 1, 2024, Dr. Falco Paepenmüller (right) takes over as CEO from Peter Steinbeck (2nd from right), who moves to the Supervisory Board. Martin Schulteis (left) and Sascha Witt (2nd from left) remain in the Executive Board trio.
Peter Steinbeck began his career at W&H in 1990 and was appointed to the Management Board of the family-owned company in 1999. In 2021, he took over as Chairman of the Board. "I'm the third family generation at W&H, so the company is in my DNA, so to speak. I am very delighted that Falco Paepenmüller, a successful manager with whom I have enjoyed many years of trusting cooperation and who shares common values and my enthusiasm for the company, is taking over," says Steinbeck. "The economic situation is getting rougher, so I would have wished for somewhat calmer waters for my successor. But I am convinced that the Executive Board team and the company are well positioned for the future. We can respond flexibly to market conditions."
Steinbeck has been appointed to the Supervisory Board with effect from the beginning of 2024 and will continue to be closely involved in the company's development as a shareholder.
Dr. Falco Paepenmüller has been with the company since 2007. Since 2019, he has been responsible on the Management Board for the product business units and the supply chain (purchasing, manufacturing and logistics). Prior to joining the Management Board, Paepenmüller was, among other responsibilities, Head of the Extrusion Business Unit for 10 years. He has now been appointed CEO by the Supervisory Board effective January 1, 2024.
The change has been prepared for a long time. Besides the internal appointment of Dr. Falco Paepenmüller (49) from the W&H management team in 2019 the Management Board was completed with Martin Schulteis (51) in 2020 as CFO and Dr. Sascha Witt (38) in 2022 as CSO.
"With continuity in management, we are also ensuring continuity in the strategic direction of W&H. W&H's success factors, in particular its innovative strength and customer focus, will remain at the forefront. This is how we will continue to generate growth in the coming years. They will also retain their importance under difficult conditions, such as those that are likely to accompany us in 2024 with regard to the global economy. I am looking forward to my expanded responsibilities as CEO and to working with my colleagues on the Management Board and the W&H team," said Paepenmüller.