Supplier Webasto to ax half its senior management

Stockdorf. Bavarian supplier Webasto will shed a board member and cut half its senior management under a restructuring plan being introduced by boss Franz-Josef Kortum.

In the future its three top executives will be reduced to two: Kortuem and Wolfgang Thurow, who is responsible for the roof systems sector. Michael Kempter, who is in charge of thermal systems, will leave by the end of 2003 and his responsibilities will be taken over by Thurow.

In addition, the complete top tier of management will be reduced from 39 currently to 19 by the end of the year.

In the future, managers will no longer be responsible for individual customers but for whole regions and business areas. They will be made directly responsible for profit and loss within those areas. The activities will be controlled by an executive committee, which supports the board of directors.

Kortum has also frozen top executives' wages until further notice. In 2002 Webasto revenue was 1.28 billion euros. It made a profit of 30.6 million euros.

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