Palfinger supervisory board changes ahead
The supervisory board of crane producer Palfinger AG is going to hand control over to the next generation as two members will be replaced my much younger counterparts.The firm, which has its headquarters in Salzburg, said today (Weds) that Hannes Palfinger, 37, and Stiegl brewery boss Heinrich Dieter Kiener, 54, will join the panel next month. They will replace 68-year-old Hubert Palfinger and Alexander Exner, 63.Hubert Palfinger the father of Hannes Palfinger headed the company for 33 years after taking over from his father aged 22. He left the executive board to become a member of the supervisory board when the firm entered the Vienna Stock Exchange (WBAG) in 1999.The firm said last month it expected a 20 per cent year on year turnover increase this year. It also announced earnings before interest and taxes (Ebit) of 35 million Euros in 2010 after having suffered a loss of five million Euros in 2009.Palfinger runs 27 facilities in Austria, Germany, Brazil, China and other countries. The company, which employs more than 4,000 staff, was established in 1932. One Palfinger stock was traded for 25.67 Euros at 10am this morning.