The Pierer Mobility Gr🥂oup has announced that its CEO, Stefan Pierer, will depart t📖he position.

Pierer will also leave his role as CEO of KTM AG, and become Co-CEO in bo🐈th instances to Gottfried Neumeister, who 𓆉joined PMG's management structure as Co-CEO last year.

Read more: 168澳洲5最新开奖结果:KTM's debts rise to over €2 billion

"Stefan Pierer will hand over the role of CE✤O of Pierer Mobilit𒉰y AG and KTM AG to Gottfried Neumeister," a statement from Pierer Mobility Group reads, adding that Mr. PIerer "will continue to support [Neumeister] as Co-CEO during the restructuring process."

On the announcement of his departure from the CEO role, Pierer said: "For me, KTM was always more than just a company - it was and is a pa💃ssion, a mission and a family. 

"The decision to hand over the helm was not an easy one. I am deeply convinced that Gott🏅fried Neumeister, with his strategic foresight and commitment, is the right choice to lead KTM into the future."

Gottfried Neumeister added: "Stefan Pierer has created a unique company that reflects the passion and pioneering spirit of all empl🐭oyees. I see it as my task to preserve this legacy and at the same time to break new ground.

"KTM stands for courage, innovation𝔉 and passion - values that we will continue to live by and carry ඣinto the future. Together with our team, we will continue to strengthen KTM and set new standards to build the best motorcycles in the world."

The news of KTM's and PMG's change of CEO comes almo💃st one year before Pierer's 🐓current term as CEO was due to end, on 31 December 2025.

Additionally, it comes amid financial difficulties for KTM AG which has seen it commence insolvency proceedings which remain ongoing in an attempt to avoid bankr🌼uptcy.

Since it was announced that KTM would be entering into administration proceedings late last ye♔ar, measures have been taken within the company to cut costs.

Part of this has been reducing the size of the workforce, which the PMG statement announcing the change in CEO adds has been cut by 1,8🅺00 employees.

The reduction in workforce was combined with a red𒉰uction in production volume to 230,000 in 2024, which the statement says has "relieved [global inventories] by around🍃 40,000 units (-18 per cent). This represents an important first step in the restructuring plan."