At our meeting in January 2016, we extensively discussed the resolution proposal prepared by the General
Committee on the appointment of a successor for the long-standing Chief Executive Officer Herbert Hainer.
Following in-depth consultation, we resolved to appoint Kasper Rorsted as full member of the Executive Board
with effect from August 1, 2016 and as Chief Executive Officer with effect from October 1, 2016. As Kasper
Rorsted is already available to assume his new position from this summer, Herbert Hainer agreed to relinquish
his Executive Board mandate effective September 30, 2016.