SGL Carbon has appointed Michael Majerus as its new chief financial officer, effective July 1. He is replacing Jeurgen Muth, who is stepping down as CFO on June 30. Majerus is up for a three-year term. Susanne Klatten, chairwoman of SGL's supervisory board, said in a statement that Majerus has an extensive experience in the financial and industrial markets, which should be valuable for the re-positioning of the Carbon fiber manufacturer.
Majerus started his career in 1989 with the Mannesmann engineering group in Germany, eventually holding a number of senior finance-related roles.
He served as finance chief of the memory products division of Infineon Technologies from 2000 to 2006.Majerus became head of finance at the pharmaceutical wholesaler Phoenix from 2009 until 2013.
SGL Carbon is expanding its operations as it experiences more demand for carbon fiber from its BMW Group, which holds an 18.4 percent stake overall in the company. BMW is using carbon fiber to build the i3 electric car and the i8 plug-in hybrid supercar.
Automotive News Europe reported in May that BMW’s joint venture with SGL will make a $200-million investment to triple the capacity of its carbon fiber site in the United States. The expansion would make the site largest producer of carbon fiber in the world, with an annual output of 9,000 tons by 2015.