Rheinmetall’s supervisory board has approved Armin Papperger as the company’s CEO for another five years beginning Jan. 1, 2025.
The decision is part of an executive board reorganization to support the German arms manufacturer’s growth and expansion.
“We are particularly pleased that we were able to persuade Armin Papperger to extend his contract,” said Ulrich Grillo, chairman of the supervisory board. “His assertive and agile leadership and knowledge of the Group, its customers and products ensure continuity and appear essential to successfully continue pursuing the growth path on which we have embarked.”
Executive Board Appointments
Other approved changes to the executive board include the appointment of accounting head Klaus Neumann as chief financial officer, replacing Dagmar Steinert; Rene Gansauge, previously head of the Weapon and Ammunition division, as chief operation officer; and Ursula Biernert as chief human resources officer and labor director.
According to the supervisory board, Neumann and Gansauge, who will assume their new roles on Jan 1, 2025, will lay the operational and organizational foundations for the business transformation.
Positive Growth Forecast
Rheinmetall expects its 2024 sales to reach $10.75 billion for the first time, with an order backlog growth of around $64.53 billion. It also anticipates annual sales to hit $21.5 billion in the next few years.
With the positive sales growth forecast, the company sees the reorganization as a necessary measure to remain innovative and agile in response to the growing demand for defense products.