– Frank Rheinboldt to become new CEO of the luxury fashion group as of
February 1st, 2006
– Company founder Wolfgang Ley to take over position of "Founder and Creative Chairman ESCADA Group"
– The careful preparation of this succession ensures continuity for the ongoing
development of the company.
At its meeting today the Supervisory
Board of the women´s luxury fashion manufacturer appointed Frank Rheinboldt as new CEO of ESCADA as of February 1st, 2006. With this appointment the Board followed the recommendation of Wolfgang Ley who will step down as CEO on January 31st 2006 at his own request. Mr. Ley will continue to assist ESCADA as a consultant by taking over the newly created function as "Founder and Creative Chairman ESCADA Group".
Frank Rheinboldt has been with the ESCADA Group for 15 years and is presently CEO of the Münster-based PRIMERA AG in the ESCADA Group. He has been instrumental in managing the turn-around of PRIMERA and successfully integrated Laurèl into the PRIMERA-Group. The PRIMERA-Group includes the international labels Laurèl and apriori, the retail chain BiBA and the coordinate-collection cavita. With his late wife Margaretha Ley, Wolfgang Ley founded ESCADA in 1978 and established the company as one of the world's leading labels for women´s luxury fashion. Today ESCADA is represented in well over 60 countries and has become a byword for elegance, color, fantasy and femininity. The combination of some of the most exclusive materials, perfect cuts, and the highest workmanship has seen ESCADA take an unrivalled position on the world market.
In his new function as "Founder and Creative Chairman ESCADA Group" Wolfgang Ley will act as ambassador for ESCADA. As chairman of the Creative Committee he will be instrumental in the further development and the public image of the brand.
The Supervisory Board of ESCADA AG wishes to express its deep gratitude and great appreciation of Wolfgang Ley's lifetime achievement.
Peter Zühlsdorff, Chairman of the Supervisory Board: "Wolfgang Ley dedicated his life to the ESCADA company and brand. His visionary energy and drive, his outstanding commitment and his exceptional creativity have turned this company into one of the world's leading women´s luxury fashion manufacturers. We cannot rate his achievement highly enough. We are grateful that Wolfgang Ley's exceptional experience will continue to be available to ESCADA over the coming years. The way and manner of this succession is exemplary and guarantees continuity for the company's development. It has become possible thanks to Wolfgang Ley, who has systematically fostered and promoted Frank Rheinboldt for his professional and entrepreneurial qualifications to take over as his successor."
Wolfgang Ley: "Frank Rheinboldt is the successor I wanted. During the last few years he has shown and proven his entrepreneurial skills and great social competence within the ESCADA Group. I am convinced that he and the highly motivated ESCADA team will successfully continue the healthy progress that our company is taking."
Frank Rheinboldt: "I look forward very much to my new tasks and duties. At the onset of this new period of growth it is my express aim to see the international labels of the Group develop and to drive their luxury concept still further. The task of leading ESCADA is an honor, a commitment and a great entrepreneurial challenge for me."