GEA : to propose two new Supervisory Board members to AGM

Düsseldorf (Germany), March 22, 2021 - The Supervisory Board of GEA Group Aktiengesellschaft has reached further decisions for an orderly membership transition in the Supervisory Board, following December's nomination of Klaus Helmrich as the successor to the current Chairman, Dr. Helmut Perlet. Jean E. Spence and Ahmad M.A. Bastaki have both informed the Board that they will not stand at the next election of shareholder representatives. As their successors, the Supervisory Board will nominate Holly Lei (60) and Prof. Dr. Jürgen Fleischer (60) for election at the Annual General Meeting. Resolutions recommending the appointment of both candidates have been adopted and will be put to the vote at the Annual General Meeting on April 30, 2021.

Supervisory Board Chairman Dr. Helmut Perlet says: 'Jean E. Spence and Ahmad M.A. Bastaki have shown great dedication to our company for many years. We are deeply grateful for their commitment and wish them all the best for the future. At the same time, we are delighted to be able to nominate Holly Lei and Prof. Dr. Jürgen Fleischer, who are recognized experts in the international industrial landscape, as new Supervisory Board members. Both have long-standing management experience within international groups. I have no doubt that they, too, will put their extensive expertise to use at GEA.'

Chinese-born Canadian Holly Lei has held various management positions at the Bayer and Covestro Groups in China since 2003. As Global SVP and President of Covestro China, she has been responsible for business in the region since 2019. She is also a board member of the Shanghai chapter of the European Union Chamber of Commerce in China.

Prof. Dr. Jürgen Fleischer has been Head of Institute and Director of Machines, Equipment and Process Automation at the Karlsruhe Institute of Technology (KIT), wbk Institute of Production Science since 2003. Earlier in his career, he gained extensive experience at various industrial groups. In addition, he has been a Visiting Professor and Director of the Advanced Manufacturing Technology Center AMTC at Tongji University, Shanghai, since 2012. As part of his scientific activities, Prof. Dr. Fleischer is also a member of the 'Future of Work' advisory council of German trade union IG Metall.

Among other factors, these recommendations take into account the requirements of the German Corporate Governance Code 2019 ('GCGC') and the objectives and diversity principles adopted by the Supervisory Board in December 2017 with regard to its composition, as well as the related competency profile defined. On this basis, alongside the integrity and commitment of its members, the Supervisory Board pays particular attention to existing industry and sector knowledge, as well as to ensuring that its membership reflects an appropriate level of independence, international experience and diversity.

It will also be proposed to the AGM that the terms of office of the Supervisory Board's shareholder and employee representatives be uniformly reduced to a maximum of four years. By shortening their tenure from approximately five years to around four, the Supervisory Board members could continue to qualify as independent members for a full three terms of office. At the same time, this reduced tenure takes into account the recommendation of the GCGC and the expectations notably of international investors.

At the next scheduled election, all six shareholder representatives on the Supervisory Board will therefore be elected to serve until the Annual General Meeting in 2025.

• Covestro China President Holly Lei and Prof. Dr. Jürgen Fleischer, Head of Institute and Director of Machines, Equipment and Process Automation at the Karlsruhe Institute of Technology, will be nomi-nated for election at the Annual General Meeting
• Current Supervisory Board members Jean E. Spence and Ahmad M.A. Bastaki will not stand for re-election when their tenures expire at the end of April 2021
• The terms of office of the shareholder and employee representatives on the Supervisory Board are to be uniformly reduced to a maximum of four years