You have to be careful with such assessments. But in this case it is justified to speak of the end of an era. Wolfgang Reitzle, 72, quite controversial in public and repeatedly noticed with controversial statements, has shaped the meanwhile German-American gases company Linde like no other. Now he has announced that he will be leaving Linde. Reitzle will give up the post of Linde Chairman of the Board of Directors in March of next year, the company announced on Monday evening. He will be succeeded by the previous CEO, Steve Angel, 66. The American’s successor, in turn, will be Indian-born Sanjiv Lamba, 57. Alongside SAP, Linde is one of the most valuable companies in the German share index (Dax).
“Linde couldn’t get into better hands,” said Reitzle about both personalities. With Lamba and Angel, the balance between former Linde and Praxair managers at the top of the merged Linde Group will be maintained: After studying in Calcutta, the financial expert Lamba started in 1989 at the British industrial gas manufacturer BOC, which in 2006 from what was then Linde AG was acquired. At Linde, he then moved up to the board of directors. “I am really honored to lead this outstanding company into the future,” Lamba is quoted as saying.
Reitzle originally came from the automotive industry, having worked at BMW and Ford, among others. In 2002 he moved to Linde and became CEO in 2003. He fundamentally rebuilt the company, sold many areas and relocated the headquarters from Wiesbaden to Munich. In 2014 he resigned as head of Linde, but after the statutory waiting period of years, Reitzle returned as chairman of the supervisory board. He then pushed through the merger with the American competitor Praxair against great opposition and only at the second attempt – as an equal partner, although Linde was larger in terms of turnover.
The former Siemens boss Kaeser is now active at Linde
The name of the new group, which thereby became the world market leader in industrial gases, is still Linde. Most of the headquarters moved to the USA, the official seat is in Ireland and Great Britain. The long-time Praxair boss Angel took over the management. Reitzle became the well-paid head of the board of directors and was always seen as a guarantee that the new Linde Group would take its German roots into consideration.
Linde also announced that the former Siemens boss Joe Kaeser will join the Linde Board of Directors on November 1st. Kaeser will be a member of the influential nomination and remuneration committee there, the group announced. Kaeser currently heads the supervisory boards of Siemens Energy and Daimler Trucks.