Long-term Chief Financial Officer of Schoeller-Bleckmann Oilfield Equipment AG (SBO) Franz Gritsch will retire at the beginning of 2016, following 21 years of service for the company. SBO's supervisory board appointed Klaus Mader as his successor. For ensuring seamless transition, Franz Gritsch will be available to the company until the beginning of 2016.

Gritsch and Mader will cooperate closely for six months, with Mader assuming his position as Director of Finance as of 1 July 2015 and Gritsch continuing as CFO until 30 September, 2015. As of 1 October 2015, the managers will swap their positions: Mader will take over his executive board function as CFO, and Gritsch the tasks of Director of Finance until early in 2016. Klaus Mader is currently Executive Vice President Finance & Administration of the globally operating Tyrolit group.

He has spent 15 years with Tyrolit, before that he had gained professional experience at Wienerberger Baustoffindustrie AG, Immorent AG and TPA Treuhand Partner Austria.