Handover of the baton at paragon - New CFO

EQS-News: paragon GmbH & Co. KGaA / Key word(s): Personnel Handover of the baton at paragon - New CFO 12.09.2024 / 10:00 CET/CEST The issuer is solely responsible for the content of this announcement. Handover of the baton at paragon - New CFO

• Ralph Streitbürger, former Head of Finance and Controlling, appointed CFO of paragon GmbH & Co. KGaA as of October 1, 2024
• After successfully reducing net debt, predecessor Dr. Martin Esser passes on the baton as planned
• As announced, paragon has ended the consolidation phase and is now increasingly focusing on exploiting opportunities in the coming years with a growth strategy

 

Delbrück, September 12, 2024 - paragon GmbH & Co. KGaA [ISIN DE0005558696] announced today that there will be a change in the position of CFO as of October 1, 2024. Dr. Martin Esser will hand over his office to his long-time deputy Mr. Ralph Streitbürger. This step was planned for a long time and is now possible due to the drastic reduction in net debt under the aegis of Dr. Esser.

In 2019, paragon GmbH & Co. KGaA decided to drastically reduce its high net debt of around EUR 120 million at the time through a tough cost-cutting program and a consistently implemented package of measures. This decision was extremely helpful back in 2020 during the coronavirus crisis. The father of this "horse cure" is Dr. Martin Esser, who was recruited by the company in 2020 to completely restructure the liabilities side in 3 to 4 years. While Dr. Esser, as CFO, focused on reducing borrowed capital and streamlining the production landscape and was visible to the outside world, Ralph Streitbürger, who also joined paragon at the same time, kept his back free as Commercial Director Subsidiaries and today as Head of Finance and Controlling by looking after day-to-day business. The two men effectively formed a dual leadership team. Together, they implemented regular reports and performance reviews for all business units and plants with a focus on profitability and liquidity.