The Supervisory Board of Funkwerk AG announced its decision to reorganise the company's Executive Board. In the context of restructuring and the related downsizing, Funkwerk AG will in future be managed by a single director. This function will be assumed by Dr. Ing.

Manfred Lerch (52), who will be appointed to the board with effect from November 01, 2012. The two current members of the board, Johann M. Schmid-Davis (38) and Carsten Ahrens (49), will leave the company at their own request on expiry of their contracts at the end of 2012. Restructuring expert Dr. Christian E. Baur (42), who had been appointed to the board in April 2012 as a temporary measure, will continue on in his role until completion of the restructuring project developed by consulting firm Alvares & Marsal to help consistently implement the group's reorientation.

In the course of his professional career, Dr.-Ing. Manfred Lerch has focused on rail systems and the railway industry. He previously held a managerial position at Voith Turbo GmbH & Co.

KG, Heidenheim, where he was responsible for the rail segment. Most recently, he served as chairman of the board at Balfour Beatty Rail GmbH, Munich, and in this capacity was part of the executive team for the rail division of international construction and services corporation Balfour Beatty.