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Change at the top at materials technology group Umicore: Bart Sap becomes the new CEO effective immediately. He succeeds Mathias Miedreich, who is stepping down "in consultation with the Board of Directors."

In the news: Umicore continues to provide headlines. Shortly after the federal government became a major shareholder through SFPIM, the company changes CEO.

  • Bart Sap (46), executive vice president of Catalysis since March 2021, is being promoted to CEO starting May 16. He has been with Umicore for 20 years.
  • Current top executive Mathias Miedreich will be thanked for services rendered, but will remain "available to advise" the company for the next few months.

More context: The switch appears to be related to the slowdown in the electric car market, to which Umicore is a supplier. "In light of the slower growth in demand for EV battery materials affecting the entire industry, one of Bart Sap's main priorities will be to evaluate the development plans for Umicore's Battery Materials business, including investments," the company said.

Quoted: "With Bart, we are appointing a new CEO with in-depth experience in Umicore's various businesses and with a successful track record," chairman Thomas Leysen said in official remarks. "In recent years he has led the Catalysis division to record results and returns on capital employed together with remarkable cash flow generation, and this in a challenging market context."

And still: "As a leader, he has fostered an inclusive culture, with a particular focus on safety performance. The Board is convinced that he is the right leader for Umicore in the next phase of its development."

© The Content Exchange, source News