Swiss pumpmaker Sulzer AG said Chief Executive Klaus Stahlmann is leaving the company "with immediate effect" as it cuts hundreds of jobs amid a slump in demand from the oil and gas industry. Stahlmann will be replaced temporarily by Chief Financial Officer Thomas Dittrich, Sulzer said. He has been CFO since August last year. The shares turned positive following the initial announcement of Stahlmann's departure, rising by as much as 1.3 percent before paring gains. The stock closed down 0.2 percent at 105 Swiss francs ($106.77).
Sulzer said on Monday evening it recognised Stahlmann's contributions since becoming Sulzer's CEO in 2012 but was releasing him immediately "in the interests of maintaining clarity and focus on the management of the company". Sulzer said it had cut 410 manufacturing-related jobs in Brazil, the United States and in China in its pumps equipment division through July, a reaction to "low investment levels and project suspension" by customers.
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