Kuka Robotics CEO steps down
Till Reuter joined the German-owned robotics company in 2008 amidst the global financial crisis.
On Monday, Till Reuter stepped down as CEO of German-owned Kuka Robotics, despite a recent contract that extended his role through 2020.
Less than two years ago, Kuka was bought by Chinese appliance company group Midea. Since stepping into his role in 2009, after purchasing a stake in Kuka amid the 2008 financial crisis, Reuter managed to quadruple revenue in the years since, expanding its operations and opening a plant in China.
“I am proud to have been part of KUKA for the last ten years and pushed robotics forward together with the team. Robotics and automation are the key topics of the future. I wish you all the best for the future. You always have my support,” said Reuter in a statement released Monday morning.
According to a story from the Financial Times, Reuter and Midea’s vice-president, Andy Gu shared strategic differences on how to proceed with inroads into China.
All existing investor agreements that KUKA has signed with Midea as controlling shareholder including the ring-fencing-agreement protecting KUKA’s intellectual property will stay in place unchanged. Midea expressed its support for KUKA’s growth strategy, including the development of the Chinese market, focus on research and development, investment in digitization and Industrie 4.0 as well as a strong commitment to KUKA´s presence in Germany.
“On behalf of the supervisory board and the entire company, I would like to thank Dr. Reuter for his tremendous efforts in successfully managing KUKA’s turnaround since he took the helm in 2009,” says Dr. Gu. “Kuka is now well-positioned to re-enter a path of sustainable growth, benefiting from the increasing demand in intelligent robotics and by strengthening the position in the Chinese market.”