14 November 2014

CEO Piet Veenema to leave Kendrion in 2015

Kendrion CEO Piet Veenema has decided to leave Kendrion N.V. in the summer of 2015. Mr Veenema has taken his decision in close consultation with the Supervisory Board which will start looking for his successor shortly.

Piet Veenema: "It has given me great pleasure to work at Kendrion for 22 years, the last 12 of those as CEO. Now is a good moment to pass the leadership on. Kendrion expects to carry on growing over the coming years; it is financially healthy and has good management. Reaching the age of 60, I feel it is time for other activities and challenges. I will, though, be working hard for this wonderful company and its staff right up to my departure."

Henk ten Hove, Chairman of the Supervisory Board: "We regret that Piet Veenema is leaving, but respect his decision. We are grateful for his contribution over all these years and the excellent development of Kendrion under his leadership into the successful international niche player it is today. We are also happy with the agreed time schedule which enables a smooth transition."

Profile Kendrion N.V.

Kendrion N.V., a solution provider, develops, manufactures and markets innovative high-quality electromagnetic and mechatronic systems and components for customers all over the world. Kendrion's operations are carried out by two divisions with a total of seven business units that are focused on specific market segments, namely the Industrial Division's Industrial Magnetic Systems, Industrial Control Systems and Industrial Drive Systems business units and the Automotive Division's Passenger Car Systems, Automotive Control Systems, Commercial Vehicle Systems and Heavy Duty Systems business units.

Kendrion has leading positions in a number of business-to-business niche markets. Germany is Kendrion's main market, although other countries are becoming increasingly important.

Kendrion's activities
Kendrion develops advanced electromagnetic and mechatronic solutions for industrial and automotive applications. These are used by customers all over the world in systems such as lifts, door-locking systems, industrial robots, medical equipment, electrical switchbox systems, diesel and gasoline engines, air-conditioning installations, motor cooling systems and beverage dispensers. Kendrion's key customers include Bosch, Continental, Daimler, Delphi, Evobus, Hyundai, Siemens, ThyssenKrupp Bilstein, Volkswagen, Wabco, Yutong and ZF.

Kendrion's shares are listed on NYSE Euronext's Amsterdam market.

Zeist, 14 November 2014

The Executive Board

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