KraussMaffei names Sinochem’s Chi Zhang CEO

The Supervisory Board of the KraussMaffei Group has reorganised the company’s management. Chi Zhang, formerly Chairman of the Supervisory Board, is now Chief Executive Officer, effective 10 January 2024. He succeeds Yong Li, who takes on the newly created position of Chief Administrative Officer. Supervisory Board leadership now becomes the remit of Shihao Yang, who joins KraussMaffei from the top management of main shareholder Sinochem.

Announcing the new appointments, KraussMaffei states that these changes will be accompanied by a “significant strengthening” of the Group’s Management Board, which increases to three members. Jörg Bremer remains a member of the Management Board as Chief Financial Officer.

Chi Zhang

New CEO Chi Zhang has been with Sinochem for more than two decades in a variety of executive, operational and project-related management positions. Since the end of 2022, he has been the Chairman of China National Chemical Equipment Company (CNCE), a Sinochem Holdings company and owner of the KraussMaffei Group.

“I am very much looking forward to this new role,” states Chi Zhang. “With our new, further strengthened management team, the support of our main shareholder Sinochem and the many committed and highly competent colleagues in Germany and around the world, we have the best prerequisites to put KraussMaffei back on the road to success.”

Shihao Yang

Shihao Yang, the new Chairman of the KraussMaffei Supervisory Board, adds: “With the appointment of myself and Chi Zhang, Sinochem is once again sending a strong signal of commitment to support KraussMaffei. Chi Zhang has been working with Sinochem for two decades and has already accompanied KraussMaffei as head of the Supervisory Board since February 2023. I have great confidence in the new management team. With Chi Zhang, Yong Li and Jörg Bremer, KraussMaffei is ideally equipped to strengthen its capacity at the management board.

“I would like to thank Yong Li, who has led the company through a very challenging situation, for his great contribution in the last year,” Shihao Yang continues. “Together with the KraussMaffei team, Yong Li and Jörg Bremer have successfully reduced the level of management structure, selected key business leaders, and improved internal management conditions which establish a good foundation for the turnaround. I am very pleased that Yong Li will continue to be available to KraussMaffei in the new position as Chief Administrative Officer. I will work together with members of Supervisory Board and Management

Yong Li

As Chief Administrative Officer, previous CEO Yong Li takes on responsibility for Corporate HR, IT and Audit. “The past year has been very challenging, but with the strong commitment and dedicated efforts of our team we have made some good progress,” states Yong Li. “I would like to thank Jörg Bremer and our colleagues for their contribution towards the turnaround. There is still a lot to be done to reach our target and we will keep moving forward. I will continue to give my best to KraussMaffei and I am looking forward to working with the expanded Management Board under the leadership of Chi Zhang.”