Landis+Gyr Chair of the Board of Directors Andreas Umbach will not stand for re-election - Nomination of Audrey Zibelman to succeed him as Chair
Rhea-AI Summary
Landis+Gyr (SIX: LAND) announced that Andreas Umbach, Chair of the Board of Directors since 2017, will not seek re-election at the Annual General Meeting scheduled for June 25, 2025. Umbach served the company for over seven years as Chair and 18 years in executive functions, primarily as CEO.
The Board will propose Audrey Zibelman, current independent member and Vice Chair, as the new Chair. Zibelman, who joined the Board in June 2023, brings extensive leadership experience in the international power sector, having served as CEO of the Australian Energy Market Operator and held senior positions at PJM, Xcel Energy, and Alphabet's X. Her nomination aligns with Landis+Gyr's increased focus on the Americas region, which currently generates over half of the Group's sales and earnings.
The Board plans to propose a new member at the June 2025 Annual General Meeting, with details to be announced later.
Positive
- Strategic alignment with Americas focus, which generates over 50% of sales and earnings
- Incoming Chair nominee brings extensive industry leadership experience
Negative
- None.
News Market Reaction – LDGYY
In the trading session that priced this news, LDGYY declined 18.03%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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CHAM, Switzerland, Jan. 9, 2025 /PRNewswire/ -- Landis+Gyr Group AG (SIX: LAND), a leading global provider of integrated energy management solutions, today announced that Andreas Umbach, Chair of the Board of Directors of Landis+Gyr Group AG since 2017, has informed the Board that he will not stand for re-election as a member and Chair of the Board of Directors in the next Annual General Meeting, scheduled to be held on June 25, 2025. "I have had the privilege of serving Landis+Gyr for more than seven years as Chair and 18 years in executive functions, most of it as CEO. It is therefore now the right time to hand over the leadership of the Board of Directors to new hands," said Andreas Umbach, explaining his decision.
The Board of Directors will propose Audrey Zibelman, independent member and Vice Chair of the Board of Directors and member of its Nomination, Governance & Sustainability Committee, for election as Chair at the Annual General Meeting in June 2025. Audrey Zibelman, a U.S. citizen, has extensive leadership and industry experience in the international power sector. During her long career she served as CEO and Managing Director of the Australian Energy Market Operator and as a senior executive of PJM and Xcel Energy. Ms. Zibelman also has served as Chair of the New York Public Services Commission and most recently was a Vice President at Alphabet's moonshot factory X where she focused on grid digitalization and modernization. She has been a member of Landis+Gyr`s Board of Directors since June 2023.
Audrey Zibelman's nomination also considers Landis+Gyr's stronger focus on the Americas region, which today generates well over half of the Group's sales and earnings.
The Board of Directors of Landis+Gyr plans to propose the election of a new member at the upcoming Annual General Meeting in June 2025. The Board of Directors has initiated the corresponding process and will provide information on the nomination of the new member in due course.
About Landis+Gyr
Landis+Gyr is a leading global provider of integrated energy management solutions. We measure and analyze energy utilization to generate empowering analytics for smart grid and infrastructure management, enabling utilities and consumers to reduce energy consumption. Our innovative and proven portfolio of software, services and intelligent sensor technology is a key driver to decarbonize the grid. Having avoided around 9 million tons of CO2 in FY 2023, Landis+Gyr manages energy better – since 1896. With sales of USD 2.0 billion in FY 2023, Landis+Gyr employs around 6,700 talented people across five continents. For more information, please visit our website www.landisgyr.com.
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