The Pierer Mobility Group has announced that its CEO, Stefan Pierer, will depart the pos🔯ition.

Pierer will also leave his role as CEO of KTM AG, and become Co-CEO in both instances to Gottfried Neumeister, who joined PMᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚG's management structure as Co-CEO last year.

Read more: 168澳洲幸运5官方开奖结果历史:KTM's debts ꧂rise to over €2 billion

"Stefan Pierer will hand over the rol🐈e of CEO of Pierer Mobility AG and KTM AG to Gottfried Neumeister," a statement from Pierer Mobility Group reads, adding that Mr. PIerer "will continue to support [Neumeister] as Co-CEO during the restructuring process."

Onꦜ the announcement of his departure from the CEO role, Pierer said: "For me, KTM was always more than just a company - it was and is a passion, a mission and a family. 

"The decision to hand over the helm was not an easy one. I am deeply ♔convinced that Gottfried Neumeister, with his strategic foresight a🐻nd commitment, is the right choice to lead KTM into the future."

Gottfried Neumeister added: "Stefan Pierer has created a unique company that reflects the passion and pioneering spirit⭕ of all employees. I see it as my task to preserve this legacy and at the same time to break new ground.

"KTM stands for courage, innovation and passion - v෴alues that we will continue to live by and carry into the future. Together with our team, we will continue to strengthen KTM and set new standards to build the best motorcycles in the world."

The news of KTM's and PMG's change of CEO comesಞ almost one year before Pierer's current term as CEO was due to end, on 31 December 2025.

Additionally❀, it comes amid financial difficulties for KTM AG which has seen it commence inso♑lvency proceedings which remain ongoing in an attempt to avoid bankruptcy.

Since it w♚as announced that KTM would be entering into administration proceedings late last year, measures have been taken within the company to cut costs.

Part of this has been reducing the size of the workforce,♎ which the PMG statem💯ent announcing the change in CEO adds has been cut by 1,800 employees.

The reduction in workforce was combined with 🦩a reduction in production volume to 230,000 in 2024🐼, which the statement says has "relieved [global inventories] by around 40,000 units (-18 per cent). This represents an important first step in the restructuring plan."