KTM CEO Stefan Pierer replaced
KTM CEO Stefan Pierer has been replaced by the Co-CEO Gottfried Neumeister. Stefan led the KTM brand and the parent company Pierer Mobility AG for over three decades. The replacement has been initiated as a part of the restructuring process that the company is going through. Apart from Stefan, over 1,800 employees were laid off along with salary cuts for many of the existing employees. The company is going through a rough time and it has until February to figure out to solve the bankruptcy problem.
Stefan Pierer will continue to remain a part of the board member and the parent company along with KTM will now be led by Co-CEO Gottfried Neumeister. Stefan is also a major shareholder of the Pierer AG mobility brand under which brands like KTM, Husqvarna and GasGas exist.
KTM has been trying to raise money with its long-standing partners Red Bull and Bajaj Auto, and for reasons unknown, the company has not been able to make much headway in that direction.
KTM India remains unaffected by the situation at the headquarters and is planning to launch the 390 Adventure S and the Enduro R soon. Having said that, if the restructuring does not work, the Indian operations will also be under question. Most of the research and development and new product expansion work takes place in Austria. If the main company goes under, the future of KTM in India could be compromised.