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Rieter's CEO has voluntarily waived 10 percent of his fixed salary as the company faces ongoing challenges, forcing employees to work short-time. The textile machinery manufacturer has been in a downturn for over three years, prompting management to seek savings wherever possible.
Peter Spuhler, a prominent figure in Swiss industry, has faced significant losses after investing in the now-bankrupt battery startup Northvolt. Known for his leadership in major Swiss companies like Stadler and Swiss Steel, the 65-year-old billionaire's venture into electromobility has not yielded the expected returns.
Peter Spuhler, known for his leadership at Stadler Rail, has built a diverse investment portfolio through his PCS Holding, where he holds significant stakes in various companies. However, many of these investments, including Swiss Steel and Rieter, are currently facing crises. Notably, the insolvent battery manufacturer Northvolt is absent from Spuhler's official holdings list.
Swiss industry faces significant challenges, with companies like Meyer Burger and Swiss Steel announcing substantial job cuts amid a downturn exacerbated by weak global demand, particularly from Germany. High grid fees and protectionist measures further strain the sector, prompting calls for government intervention to support struggling firms.
Rieter Holding AG
Companies
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Rieter CEO cuts salary as company faces ongoing financial crisis
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