At yesterday’s Nomination and Compensation Committee (NCC) meeting, Mike Allison informed the board about his decision to step down as CEO of VAT by the end of the business year 2023. He has joined VAT in January 2018 and took over the role of CEO in March of that year. The Board of Directors will immediately start the succession.
"After 5 years at VAT, during which the company was very successful in growing its business to over CHF 1 billion in sales and further strengthening its market leadership, VAT today is in a fantastic shape with a highly competent leadership team. Having turned 60 last year, I concluded that the time has come to start planning a new chapter for me and my family and I decided that it will be the right time to hand over the helm at VAT to someone else.” Mike Allison said.
“VAT has experienced an unprecedented phase of growth in all its activities and the Board of Directors very much regrets Mike’s decision to step down as CEO of VAT. We like to thank him for his great contribution to the company’s success over the last five years.” said VAT Chairman Martin Komischke.
Mike Allison will continue in his role as CEO throughout the business year 2023 which will give VAT adequate time to evaluate and appoint his successor. He stressed his commitment to ensure that the company will have an orderly transition, allowing VAT to be fully ready to harvest the growth that is expected to occur in the coming years after a market moderation in 2023.
For further information please contact:
VAT Group AG
Michel R. Gerber
VP Investor Relations & Sustainability
T +41 81 772 42 55
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We change the world with vacuum solutions – that is our purpose as the world's leading developer, manufacturer and supplier of high-end vacuum valves. VAT vacuum valves are mission-critical components for advanced production processes of innovative everyday products such as portable devices, flat screen monitors or solar panels. VAT reports in two different segments: Valves and Global Service. Under the latter, we provide our customers with original spare parts, maintenance, technical support and training for various vacuum valve applications. With over 2,500 employees worldwide, representatives in 29 countries, net sales of CHF 901 million (2021) and manufacturing sites in Switzerland, Malaysia, Romania, and Taiwan, we are sustainably shaping our highly specialized market.