Austria's Lenzing AG hires Nico Reiner as CFO

Reiner will succeed CFO Thomas Obendrauf, who is leaving the company of his own volition after seven years, according to a press release by Lenzing AG. Reiner has held several positions in his professional career to date, including CFO at globally operating companies such as Schuco Group, AL-KO Group, and Pfleiderer Group, as well as management consultant roles.

His most recent appointment was as CFO of Vacuumschmelze GmbH & Co KG, a global player with headquarters in Hanau that specialises in the development, production, and marketing of magnetic materials. Born in Grunwald near Munich, Reiner graduated from the University of Regensburg with a degree in business administration and has a doctorate from HHL Leipzig Graduate School of Management.

“We are delighted to welcome Nico Reiner to the managing board of Lenzing as he is a proven financial expert with substantial international experience. After successfully implementing the latest capacity extensions, the Lenzing Group will accelerate its profitable path to growth and has set ambitious financial targets for 2027. Nico Reiner will play a vital role in this process and in implementing our corporate strategy,” commented Cord Prinzhorn, chairman of the supervisory board at Lenzing AG.

CFO Obendrauf notified the supervisory board in March that he would not be extending his contract when it came to an end in June 2022 as after seven years at Lenzing, he is leaving to pursue a career change. Until Reiner joins the company, Sielaff will continue to assume the role of CFO on an interim basis, with Obendrauf supporting the company in an advisory capacity, added the release.

“Thomas Obendrauf has performed the role of CFO in an exemplary and prudent manner since 2016. He has successfully implemented the company’s strategy together with his colleagues in the managing board. He was also responsible for the construction of the new lyocell plant in Thailand during his tenure on the managing board. We would like to thank him for his consistently trustworthy and professional approach in working with us and we wish him all the best for the future,” commented Prinzhorn.

Fibre2Fashion News Desk (NB)