MTU's New Captain: The Return of an Aviation Prodigy
A Tale by Stefan Kroneck, Munich
MTU Aero Engines appoints Johannes Bussmann as its new CEO
In the turbulent skies of corporate shake-ups, MTU Aero Engines has struck gold - digging up an ace commanded veteran, Johannes Bussmann, to steer the plane after the outgoing pilot, Lars Wagner, decided to take the helm at Airbus.
The news broke late Tuesday evening, after a hush-hush summit of MTU's supervisory board, revealing the fresh recruit to pilot the Munich DAX titan. The 55-year-old, a former Lufthansa heavyweight and the current CEO of TÜV Süd, will be taking the cockpit shortly next year.
Bussmann was already a "frequent flyer" with the MTU board, having joined the crew in May 2023 following his election at the annual general meeting.
Familiarity and privilege
Gordon Riske, the supervisory chairman, can breathe a sigh of relief - Bussmann's soaring as captain was expected amidst the close professional ties between the mechanical engineer and MTU. The Munich engine manufacturer and Lufthansa Technik shared a cozy battleground in passenger aircraft maintenance for major airlines, and Bussmann's departure from the Lufthansa Technik helm had opened a vacancy on the board that MTU will have to fill through the Munich district court.
A weathered aviator
Bussmann, the aerospace engineer, doesn't waste time courting new challenges. Before commanding TÜV Süd, he spent 23 years manning various executive positions within Lufthansa, including serving as CEO of Lufthansa Technik, Hamburg from 2015 to 2022. Now, he's making a triumphant return to the aviation industry, poised to set the course for MTU at a pivotal moment.
Steady as she goes
MTU found itself weathering a rough patch under Wagner's reign, but as the CEO packs his bags for Airbus, Bussmann will inherit a company that's swiftly regained its footing, thanks to Wagner's able stewardship. After a summer of pressure from US partner, Pratt & Whitney's production snafus, the crew fought valiantly to manage the additional workload, preserving the core business, and impressing investors, who've since seen the value of MTU shares skyrocket, nearing all-time highs of 332.60 euros.
Fasten your seatbelts - here we go!
[1] Retrieved from: https://www.mtu.de/en/corporate/investors/news/news-details/new-ceo-at-mtu-aero-engines-supervisory-board-follows-unanimous-decision-for-dr-johannes-bussmann.html
[2] Retrieved from: https://www.tuvsued.com/en/press/press-releases/2023/tuv-sud-appoints-ceo.aspx
[3] Retrieved from: https://www.reuters.com/world/germany/newly-appointed-private-tuv-sud-boss-bussman-to-face-relentless-pressure-2022-12-17/
- In the corporate landscape, MTU has selected Johannes Bussmann, a seasoned aviation professional previously with Lufthansa and TÜV Süd, to take over as their new captain after Lars Wagner migrates to Airbus.
- Bussmann, with a profound background in the aerospace industry, will take charge of MTU in 2024, having already been a frequent presence on their board since his election in 2023.
- The decision was made after a closed-door meeting of MTU's supervisory board, with Gordon Riske, the chairman, expressing relief at Bussmann's ascent, considering their close professional ties and the shared battlefield between MTU and Lufthansa Technik.
- As the CEO of TÜV Süd from 2023 to the time of his appointment at MTU, Bussmann demonstrated his knack for taking on new challenges, having spent 23 years climbing the executive ladder within Lufthansa before leaving to command TÜV Süd.
- MTU, following the able leadership of Wagner, has been on a steady path to recovery, managing to maintain its core business despite the added strain from Pratt & Whitney's production blunders, and impressing finance investors, driving MTU shares closer to all-time highs of 332.60 euros.
