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    LNZ   AT0000644505

LENZING AG

(LNZ)
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PRESS RELEASE : Lenzing AG / CEO Stefan Doboczky will not extend contract and will step down at end of third quarter 2021

09/07/2021 | 12:04pm EDT
=------------------------------------------------------------------------------- 
  Corporate news transmitted by euro adhoc with the aim of a Europe-wide 
  distribution. The issuer is responsible for the content of this announcement. 
=------------------------------------------------------------------------------- 
 
Contract ends by mutual agreement. Supervisory Board Chairman Edelmann thanks 
CEO for exceptional achievements. 
 
Personnel/Company Information 
 
Lenzing - The Supervisory Board of Lenzing AG, the world's leading producer of 
wood-based cellulosic fibers, has come to a mutual agreement with its 
longstanding Chief Executive Officer Stefan Doboczky to end his contract. 
Doboczky has informed the Supervisory Board that he will not be available for 
another extension of his contract. With great regret the Supervisory Board of 
Lenzing AG accepts his resignation and the parties mutually agreed to end the 
contract effective September 30, 2021. 
 
"My sincere thanks go to Stefan Doboczky for his exceptional achievements at 
Lenzing. The design and implementation of the transformation of Lenzing AG into 
a global specialty fiber leader and the positioning of the company as a 
recognized sustainability champion have been major accomplishments of Stefan 
Doboczky over the last years", said Chairman of the Supervisory Board, Peter 
Edelmann. 
 
"Thanks to his leadership, Lenzing AG finds itself today on a stable and 
profitable growth track with a clear commitment to become climate-neutral by 
2050. And all of that in spite of the challenging environment of the COVID-19 
pandemic", said Edelmann. 
 
Stefan Doboczky: "Developing and consistently implementing the Lenzing strategy 
has been the cornerstone of my work in recent years. After extensive 
consideration, I have decided that this is the right time for a personal change. 
The strategy is in place, the company is well on track - now is the ideal moment 
to pass on the baton. And one thing is certain: Lenzing will always have a very 
special place in my heart." 
 
Lenzing AG remains on track with its guidance for the full year 2021 as 
announced with the half-year results. Cord Prinzhorn has been appointed interim 
CEO. Prinzhorn is Member of the Supervisory Board of Lenzing AG and will be 
available until a successor is found. The Supervisory Board will immediately 
start the search process. 
 
Photo download [https://bit.ly/3h8ucay] 
PIN: HFpfNOOW31VK 
 
 
 
Further inquiry note: 
Dominic Köfner 
Vice President Corporate Communications & Public Affairs 
Lenzing AG 
Phone: +43 7672 701 2743 
E-mail: media@lenzing.com 
 
end of announcement                         euro adhoc 
=------------------------------------------------------------------------------- 
 
 
 
 

(END) Dow Jones Newswires

September 07, 2021 12:03 ET (16:03 GMT)

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Financials
Sales 2021 2 111 M 2 449 M 2 449 M
Net income 2021 128 M 149 M 149 M
Net Debt 2021 1 148 M 1 331 M 1 331 M
P/E ratio 2021 22,4x
Yield 2021 0,54%
Capitalization 2 883 M 3 345 M 3 344 M
EV / Sales 2021 1,91x
EV / Sales 2022 1,60x
Nbr of Employees 7 633
Free-Float 50,0%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 108,60 €
Average target price 126,58 €
Spread / Average Target 16,6%
EPS Revisions
Managers and Directors
Thomas Cord Prinzhorn CEO & Member-Supervisory Board
Thomas Obendrauf Chief Financial Officer
Peter Edelmann Chairman-Supervisory Board
Stephan Sielaff Chief Technology Officer
Helmut Bernkopf Member-Supervisory Board