German concrete pump manufacturer Putzmeister has terminated CEO Gerald Karch.
Karch, whose termination was based on "mutual consent," joined Putzmeister in 2008 as managing director before becoming the CEO in 2013, the year after Sany acquired the company, Vertikal reported.
Martin Knötgen, CEO of Sany, will temporarily manage Putzmeister in addition to his regular role.
"Putzmeister and Sany Heavy Industry would like to take this opportunity to thank Dr. Karch for his outstanding work and contribution over the past few years," said the company in a statement. "He played a key role in promoting the restructure and strategic alignment of the company in all main areas and gained a high level of recognition from the owners, in the company and among partners and customers worldwide. The Supervisory Board regrets this decision and wishes Dr. Karch all the best in his future career and private life."
