Schindler announces changes at the top

ZURICH: Family-controlled Swiss elevator maker Schindler Holding AG’s patriarch Alfred Schindler has decided to step down as chairman next year, the company announced yesterday, setting in motion a series of management promotions.

Current chief executive Silvio Napoli steps up to become a board member and chairman-designate and will be replaced in April by Thomas Oetterli, currently head of Schindler’s operations in China since 2013.

Alfred Schindler, great-grandson of the co-founder, helped build the company based near Lucerne into a global business with 8.9 billion Swiss francs ($8.86 billion) in annual sales with a series of takeovers in the 1990s and expansion in China. The company now ranks as the world’s secondbiggest maker of lifts and elevators behind United Technologies Corp’s Otis unit.

“Born in 1949, Alfred Schindler has been on the board for the past 40 years and will remain there when he steps down as chairman,’’ the company said.

Oetterli, aged 46, has already overseen the Swiss and Chinese units since joining Schindler 20 years ago.

“This succession plan will ensure a professional handover to a group of proven executives who can each draw on more than 20 years of domain expertise,” the company said.

Alfred Schindler’s family members control 42% of the capital and 70% of voting rights. He and Luc Bonnard are the family members on the board who dominate decision-making.

Schindler stock has gained 16% over the last 12 months, valuing the company at 17.3 billion francs ($17 billion). It is due to report on its 2015 results next month.