Roland Chochoiek appointed CEO and member of
the Management Board
Provides update to 2023 guidance and reaffirms
commitment to operational improvement initiatives
VIA optronics AG (NYSE: VIAO) (“VIA” or the “Company”), a
leading supplier of interactive display systems and solutions,
today announced changes to the Company’s senior executive
management team (the “Management Board”), updates to its 2023
revenue guidance, the implementation of certain new operational
initiatives and a review of the Company’s control environment.
CEO Transition
The Company today announced that the Supervisory Board has
expanded the Management Board and appointed Roland Chochoiek, the
Company’s Chief Marketing Officer (“CMO”), as the new Chief
Executive Officer (“CEO”) of the Company.
Jürgen Eichner, founder and a shareholder of the Company who has
served as Chief Executive Officer since 2005, jointly decided this
move with the Supervisory Board as part of the planned succession
process during his current contract period. He will remain a member
of the Management Board and he will support Roland Chochoiek in his
new role whilst having room to focus on the Company’s ecosystem,
current and new customers to tackle the challenges the Company is
currently facing (as described further below). Dr. Markus Peters
will continue in his role as the Company’s Chief Financial
Officer.
Jürgen Eichner commented, “During Roland’s tenure as CMO, he led
the Company’s Marketing organization, the Project Management team,
the Research and Innovation team as well as the Strategic Sourcing
team and established the Product Management function to bring all
forward-looking competencies under one roof. He has demonstrated
the ability to optimize the business and its operations, while
interacting and cooperating closely with other functions and teams
across the organization. I’m happy that Roland is accepting this
role. To me he is the right person to lead VIA to the next
level.”
Roland Chochoiek commented, “It’s a pleasure taking over the
role of CEO at VIA. Since I’ve joined the Company, I have seen the
Company’s potential and what Juergen achieved since the beginning.
My aim is to empower VIA on its way to being a technology leader in
the field of interactive display systems and solutions. Thanks to
Jürgen Eichner for his great support and cooperation since I joined
VIA and I look forward to continuing to work with my colleagues on
the Management Board to build the future of VIA.”
Chochoiek has a proven track record of successfully leading
teams and businesses at numerous global B2B technology companies,
with more than 30 years of management experience. Prior to joining
VIA, he served as Executive Vice President at Heitec AG where he
was responsible for the management of the company’s worldwide
electronics business. Prior to working at Heitec, Chochoiek held
senior positions at Rittal GmbH & Co., Solectron Corporation
and Force Computers.
Updates to 2023 Guidance and Implementation of Operational
Initiatives
The Company experienced increased volatility in customer demand
in the first six months of 2023 as certain key customers,
particularly in the automotive end market, mainly EVs, communicated
changes in order patterns. The current macro environment has in
some cases resulted in lower average selling prices and lower
demand, which, in turn, has had a negative impact on our revenue in
the near term. The Company is carefully reviewing the impact of
this volatility on its operations and on its revenue opportunities
for the rest of the year. Reflecting these ongoing developments,
the Company has updated its 2023 revenue guidance and currently
anticipates generating revenue of between €150 million and €160
million for the year. This represents a decrease compared to
previously provided guidance, where the Company anticipated that
its revenue for 2023 would be around the 2022 level of €218.5
million. The Company generated revenue in the six months ended June
30, 2023, of around €85 million. Revenue figures presented are
preliminary and unaudited.
In response to these external and operational challenges the
Company reaffirmed its commitment to improving the performance of
its business. To this end, the Company is adopting a series of
initiatives, including:
- more efficiently utilizing existing production capacity;
- prioritizing profitable organic sales growth;
- identifying promising opportunities to collaborate more deeply
with existing and new customers including potential strategic
market alliances; and
- reviewing the size of its workforce to ensure that staffing
more closely meets demand.
Against the backdrop of a challenging macroeconomic and
operational environment, the management of net working capital and
the Company’s cost base will continue to be areas of significant
focus as the Company works to achieve profitability.
The Company confirmed that it is continuing to work diligently
with its auditors to file the Company’s Annual Report on Form 20-F
as of and for the year ended December 31, 2022, as promptly as
possible, and the Company remains committed to publishing its
interim financial results for the first six months of 2023 as soon
as possible thereafter. The Company has identified issues in the
application of IAS 21, among other standards, that will result in
amendments to the accounts for the year ended December 31, 2021,
and the preliminary unaudited fourth quarter and full year 2022
financials as previously reported on Form 6-K as furnished to the
SEC on March 28, 2023.
Internal Review of the Company’s Control Environment
In addition, the Company announced that the Supervisory Board
has launched a formal review of the Company’s application of its
internal compliance procedures with support of external advisors
and is investigating incidents regarding compliance with company
policies and business guidelines.
About VIA
VIA is a leading provider of enhanced display solutions for
multiple end-markets in which superior functionality or durability
is a critical differentiating factor. Its customizable technology
is well-suited for high-end markets with unique specifications as
well as demanding environments that pose technical and optical
challenges for displays, such as bright ambient light, vibration
and shock, extreme temperatures and condensation. VIA’s interactive
display systems combine system design, interactive displays,
software functionality, cameras and other hardware components.
VIA’s intellectual property portfolio, process know-how, and
optical bonding and metal mesh touch sensor and camera module
technologies provide enhanced display solutions that are built to
meet the specific needs of its customers.
Forward-Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
“forward-looking statements.” These statements include, but are not
limited to statements relating to: future events; the estimated or
anticipated future results and revenues of the Company, including
any guidance provided by the Company related thereto; future
opportunities for the Company; future planned products and
services; business strategy, plans and the implementation of
operational initiatives; objectives of management for future
operations of the Company; market size and growth opportunities;
expectations regarding customer relationships and retention; the
future availability or cost of purchased components, compounds, raw
materials and energy due to shortages, increased demand and wages,
supply chain interruptions, or natural or other disasters; supply
chains, distribution and logistics; competitive position,
technological and market trends; the outcome of any potential
internal investigations and other statements that are not
historical facts. The words, without limitation, “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “potential,” “predict,” “project,” “should,”
“target,” “will,” “would” and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these or similar identifying
words.
Forward-looking statements are based largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy, short-term and long-term business
operations and objectives, and financial needs. These
forward-looking statements involve known and unknown risks,
uncertainties, changes in circumstances that are difficult to
predict and other important factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statement, including, without
limitation, risks relating to: (1) operational execution, including
the extent to which the Company can realize the benefits of changes
to the Management Board and planned operational improvements; (2)
competitive conditions and customer preferences; (3) disruption in
supply chain and distribution; (4) increases or volatility in the
cost of raw materials and commodities; (5) failure to meet high and
ethical standards; and (6) significant changes or deterioration in
customer relationships. Additional factors are described under Item
3. “Key Information—D. Risk Factors,” in our Annual Report on Form
20-F as filed with the US Securities and Exchange Commission.
Moreover, new risks emerge from time to time. It is not possible
for our management to predict all risks, nor can we assess the
impact of all factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements we may make. In light of these risks, uncertainties and
assumptions, the forward-looking events and circumstances discussed
in this release may not occur and actual results could differ
materially and adversely from those anticipated or implied in the
forward-looking statements. We caution you therefore against
relying on these forward-looking statements, and we qualify all of
our forward-looking statements by these cautionary statements. Any
forward-looking statements contained in this press release are
based on the current expectations of VIA’s management team and
speak only as of the date hereof, and VIA specifically disclaims
any obligation to update any forward-looking statement, whether as
a result of new information, future events or otherwise. Due to
rounding, it is possible that individual figures in this and other
documents do not add up precisely to the totals shown and that
percentages presented do not accurately reflect the absolute values
to which they relate.
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version on businesswire.com: https://www.businesswire.com/news/home/20230809655199/en/
Investor Relations Lisa Fortuna Griffin Morris Alpha IR
Group Phone: +1 312-445-2870 VIAO@alpha-ir.com
Media Alexandra Müller-Pl�tz Phone: +49 911 597 575-302
Amueller-ploetz@via-optronics.com
VIA optronics (NYSE:VIAO)
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