MTU Aero Engines Holding AG (MTX), Germany’s biggest aircraft-engine maker, picked Chief Financial Officer Reiner Winkler to become chief executive officer next year, taking on the goal to almost double revenue by 2020.
“After six years as CEO of MTU Aero Engines, I do not want to extend my contract again,” Egon Behle, the 57-year-old outgoing CEO, said in a statement today, citing a desire to “attend to other tasks with regards to my personal life.” Winkler, 51, will take over on Jan. 1.
MTU has benefited from rising production of Airbus SAS (EAD)’s single-aisle A320 airliners and of Boeing Co. (BA:US)’s 777 model, for which the German company is a supplier in partnership with General Electric Co. (GE:US) MTU has a target of 6 billion euros ($7.8 billion) in sales by 2020, compared with annual revenue of 3.38 billion euros last year.
“With his long-standing experience, Reiner Winkler secures the continuity in the leadership of MTU,” said Klaus Eberhardt, chairman of the Munich-based company.
Winkler joined MTU in 2001 after positions at companies including Siemens AG and Daimler-Benz AG. He will retain the CFO functions, MTU said.
Michael Schreyoegg, who runs MTU’s military programs, will join the board on July 1, the company said. The 46-year-old will oversee commercial and military engine development and production programs.
MTU shares were trading 0.6 percent higher at 73.50 euros as of 12:38 p.m. in Frankfurt. The stock has risen 6.8 percent this year, valuing the company at 3.8 billion euros.
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