Erwin Stoller, a member of Rieter’s Group Executive Committee since 1992 and CEO of the Automotive Systems Division since 2002, will retire from operating management as of December 31, 2007. At the Annual General Meeting scheduled for May 8, 2008, Rieter's Board of Directors will propose Erwin Stoller for election to the board of Rieter Holding Ltd. The board has appointed as his successor Wolfgang Drees, who has to date headed Business Group Europe, the largest business group within the Automotive Systems Division, and also acted as deputy to Erwin Stoller. Wolfgang Drees will assume his new responsibilities as of January 1, 2008.

Erwin Stoller has rendered valuable services to the company over many years since joining Rieter in 1978. Both at Textile Systems and at Automotive Systems he has initiated and implemented decisive changes that have contributed to Rieter’s long-term success. His expertise and skills ideally qualify him to be a valuable addition to the Rieter board.

Wolfgang Drees has been with Rieter since January 1, 2007, and heads the Business Group Europe of the Automotive Division. He had previously gained extensive know-how in the automotive supplier business during many years with Robert Bosch GmbH, where he had been a member of the Board of Management since 2002. Wolfgang Drees has rapidly familiarized himself with Rieter’s operations and has already earned considerable respect within Rieter and also with Rieter’s customers.

The Rieter Group operates internationally, developing and producing sophisticated systems solutions for the textile and automotive industries. In the 2006 financial year Rieter generated sales 3 580 million CHF with some 14 800 employees worldwide. The Textile Systems Division accounted for 1 400 million CHF and the Automotive Systems Division for 2 180 million CHF of sales.