Mr. Thomas Mayer has today stepped down from his position on the Management Board of MIFA Mitteldeutsche Fahrradwerke AG, which he took up on 1 October 2014, on important grounds. The Supervisory Board has accepted this resignation with great regret as the Supervisory Board is of the opinion that the provisional insolvency administrator's behaviour and actions made it unacceptable for Mr. Mayer to remain any longer.

The Supervisory Board then appointed Mr. Olaf Grothey to be the company's sole Management Board member (CEO) with immediate effect. Mr. Grothey has many years of board and managerial experience, including as former Industrial Relations Director and former Management Board member of Sartorius AG, Göttingen.

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