Deutz AG Annual Meeting Highlights & New CEO of Green Segment

Deutz AG's shareholders approved management's actions and strategy, including a dividend of €0.17 for 2023. Mr. Bert van Hasselt appointed CEO of the Green segment.

Deutz AG Annual Meeting Highlights & New CEO of Green Segment

Cologne, Germany- Deutz AG., at today’s virtual Annual General Meeting in Cologne, shareholders approved actions of both the Board of Management and Supervisory Board, along with all management proposals. They showed strong support for the company's new strategic direction. A dividend of €0.17 for 2023 was also approved.

DEUTZ announced at in Annual General Meeting that Mr. Bert van Hasselt has been appointed as the first CEO of the Green segment, tasked with advancing alternative drives. This decision comes after last year's restructuring of the segment, aiming for a more independent structure to better cater to market demands and customer needs, ultimately driving profitability.

Dr. Sebastian C. Schulte, Deutz CEO, said, “Under the Dual+ strategy, presented at the beginning of 2023, we are focusing on clean internal combustion engines, green technologies that meet the needs of the market, and the global expansion of our service business. The results for 2023 show that this strategy is working.” “And we can see from our performance even in the much weaker economic climate of the first quarter of 2024 that we are now far more resilient than in the past. The operational elements of our new strategy and the growing service business are playing an important role here, as are the changes to our portfolio that have already been made.”

Dr. Dietmar Voggenreiter, The Chairman of the Supervisory Board of DEUTZ AG, said, “We are on the right track, both strategically and structurally. That is evident from our record results for 2023, but also in the robust results at the start of the year.” Even in the difficult economic environment of the first quarter, DEUTZ AG was operating profitably. “This lays a solid foundation for our ongoing transformation from a traditional manufacturer of internal combustion engines to a provider of sustainable drive technologies.” 

“Electric drives have a role to play in smaller machines and we have we have positioned ourselves well in this area in recent years. But it is becoming increasingly clear that many of the machines that we supply drives for will not be able to operate without an internal combustion engine, even in the future. We should acknowledge this and focus on the areas in which we as DEUTZ have experience and a head start on our competitors,” says DEUTZ CEO, Dr. Sebastian Schulte. “We are delighted to welcome Bert van Hasselt as the Green segment’s CEO. Not only does Bert know DEUTZ extremely well, but he has proven his ability to shape change, while maintaining a focus on sales and customer-centricity, across more than 25 years in management in the engineering and commercial vehicle sectors. Bert will continue the strategic realignment of the Green segment with great success.”