Voith CFO Jung to Retire, be Replaced by Haag

The Supervisory Board and Shareholders’ Committee of Voith GmbH, Germany, have introduced a planned generational change in the function of the Group CFO. Dr. Hermann Jung, who will turn 61 in July of this year, will cease to play an active role at Voith on September 9, after serving Voith "extremely successfully" for 31 years. By appointing a successor to this key management role, the company notes that it is continuing to implement its long-term succession plan.

Dr.Jung began his career at Voith in 1985 as a graduate trainee at the Group’s headquarters in Heidenheim, Germany. Following various international senior positions at Voith, including time in the U.S. and Brazil, Dr. Jung took on the role of divisional VP of finance and accounting at the Group’s head office in Heidenheim in 1991. On the management board of what was at the time the newly created Group Division Voith Sulzer Papiertechnik, he was responsible for finance and controlling from 1994 and for marketing and organizational development from 1999. In 2000, Dr. Jung was appointed CFO of the company’s corporate board of management. 

In addition to his work for Voith, Dr. Jung holds a number of other positions. He is a member of the Supervisory Board of Talanx AG/HDI V.AG. and sits on the advisory boards of Commerzbank AG and Bayern LB. He is also deputy chair of the administrative board of Dachser Group SE  and Co. KG.

The boards have appointed Dr. Toralf Haag to succeed Dr. Jung. Since 2005, Dr. Haag has been CFO of the listed Swiss chemical and pharmaceutical company Lonza Group AG, one of the world’s leading producers of pharmaceutical agents in the chemical and bio-technological sectors. He has a degree in business administration from the University of Augsburg and completed his doctorate at the University of Kiel as part of a German Research Foundation project. Before he joined Lonza, Dr. Haag had already been the CFO of Europe’s largest copper producer, Norddeutsche Affinerie AG, now Aurubis AG, in Hamburg. Before that, he spent four years in the U.S. at the Budd Company Detroit, a subsidiary of ThyssenKrupp Automotive. He was initially director of finance, M&A and corporate development, before he was appointed CEO of the Budd Company’s Stamping & Frame Division. On completing his doctorate, Dr. Haag had started his career as a personal assistant to the chairman of Thyssen Handelsunion AG in Düsseldorf.