Dr. Winfried Blümel, who has been a member of the PWO AG Management Board and Chief Operating Officer since April 2004, has informed the Supervisory Board of PWO AG of his decision not to extend his employment contract, which will expire in April 2017, in order to pursue a new challenge as the managing director of a mid-sized business group. The supervisory board of PWO AG amicably accepted Dr. Blümels decision with regret and agreed to terminate his contract effective June 30, 2016. As Dr. Blümel's successor, the supervisory board has appointed Johannes Obrecht (49) to the position of Deputy Member of the Management Board of Progress-Werk Oberkirch AG effective July 1, 2016.

Johannes Obrecht has over 30 years of success in the company, most recently as business line manager Deep-Drawn Parts and as Head of Development.