Two days into the New Year, financially stressed Austrian motorcycle manufacturer Pierer Mobility announced yet another chapter in its long and winding tale of bankruptcy avoidance.
According to a statement from the company: “It is intended to convene an extraordinary general assembly at the end of January 2025, at which elections to Pierer Mobility’s Supervisory Board are to be held. In addition, new conditional capital is to be authorised and created at this general assembly in order to enable the flexible issue of additional financial instruments by the Executive Board.”
However, the elections aren’t quite what they seem because their principal task appears to be giving the heave-ho to veteran Supervisory Board chairman Josef Blazicek, a former investment banker who moved into the motorcycle industry and has held this role for 17 years. Blazicek’s resignation will make room for the elevation of Stephan Zöchling to the Supervisory Board. Currently heading up Remus Performance Exhausts, Zöchling apparently brings with him pertinent experience of restructuring in the automotive sector.