The appointment follows the departure of Hicham Abel, with Pfleiderer focusing on investment, debt reduction and strengthening its position in the engineered wood products market.
Pfleiderer Group CEO Hicham Abel is leaving the company by mutual agreement, with immediate effect.
Donald Featherstone, currently chief restructuring officer, will take on the additional role of interim CEO. He will continue to lead the group alongside chief financial officer Mathias Schwägerl, chief operating officer Jonas Reed and chief commercial officer Stefan Zinn.
“We thank Hicham Abel for his work in the currently challenging economic and geopolitical environment and wish him all the very best for his future personal and professional path,” said Zbigniew Prokopowicz, chairman of the advisory board of the Pfleiderer Group.
Featherstone has experience in corporate transformation, performance improvement and financial stabilisation. Together with the management board, he will continue Pfleiderer’s existing strategy and lead the company’s development.
A key priority will be preparing a business plan for the group’s next phase. This will include investment in plants, processes and sales organisations to strengthen Pfleiderer’s competitiveness and support long-term growth.
The company’s financial position is also expected to benefit from a recently announced agreement with bondholders, which includes a significant reduction in debt and additional capital to support future operations.
