Umicore appoints new chief strategy officer

Umicore appoints new chief strategy officer

Umicore appoints new chief strategy officer 150 150 Energy Storage Journal

November 26, 2021: Frank Daufenbach has been appointed chief strategy officer at Belgium-based materials technology and recycling firm Umicore, effective December 6.

The position is a new one, and has been made a few weeks after Mathias Miedreich was appointed CEO at the beginning of October. The company is ‘preparing Umicore’s next growth phase as a leader in clean mobility materials and recycling’, it says.

Daufenbach was vice president of strategy and marketing of the clean mobility business group at automotive supplier Faurecia. He has also worked for Monitor Deloitte, KPMG and Oliver Wyman.

“With his rich experience, open personality and leadership style, Frank will be an asset in supporting the management board and the business groups in maximizing our full potential as we write the next chapter of Umicore’s growth strategy,” said Miedreich.

In October, Umicore revised down its 2021 outlook slightly, saying it expected its EBIT (earnings before interest and tax) to be up to €1 billion ($1.1 billion) as opposed to its earlier prediction that it would surpass €1 billion.

Blaming the global semiconductor shortage, the firm said it still remained fully on rack to deliver an outstanding performance in 2021’.

“This shortage is expected to continue impacting EV qualifications and production well into next year, resulting in a postponement of the start of commercial production in Umicore’s greenfield cathode materials plant in Nysa, Poland to the second quarter of 2022,” the firm says.

“While Umicore has lowered its expectations for sales volumes of cathode materials for the second half of the year, total volumes for 2021 are still expected to well exceed the level of the previous year.”