ELLWANGEN (dpa-AFX) - The struggling battery group Varta is getting a new boss. The Supervisory Board appointed the manager Michael Ostermann as the new CEO, as the company announced in Ellwangen on Monday. He has many years of experience in the automotive sector and in the battery industry, it said. The previous CEO Markus Hackstein will remain a member of the Executive Board for a transitional phase and will then return to the major shareholder Montana Tech. Hackstein was appointed to the Varta Executive Board in August 2022 and took over as Spokesman of the Executive Board in October 2022.

The Group is in crisis. Demand for small lithium-ion button cells for headphones, for example, is fluctuating greatly, and the demand for energy storage systems for electricity from solar systems has recently slumped unexpectedly "considerably", according to the company. The Group also complained about low prices from competitors for energy storage systems and ongoing problems in the supply chains. To make matters worse, hackers attacked Varta's computer systems in February and paralyzed production for several weeks./nas/he