FRANKFURT (dpa-AFX) - Forklift truck manufacturer Kion has extended the contract of its CEO Rob Smith by five years. The 58-year-old is to lead Kion until the end of 2029, as the company announced in Frankfurt on Thursday. The US citizen, who was born in Germany, has been at the helm of the Frankfurt-based MDax company since the beginning of 2022.

Over the past two years, Kion has had to contend with rising commodity prices as a result of the war in Ukraine, among other things. In addition, the weakening economy led to low demand in the automation business, which was also burdened by internal problems. Business has recently improved again. The position of Chief Financial Officer has had to be filled twice since Smiths took up his post./lew/jha/