Rieter Rises After Norbert Klapper Appointed CEO: Zurich Mover
Rieter Holding AG (RIEN) rose the most in more than three weeks after the Swiss maker of textile machinery appointed Norbert Klapper as chief executive officer.
The stock climbed as much as 3.2 percent, the biggest intraday advance since March 14, and was trading up 1.5 percent at 152.5 Swiss francs at 11:46 a.m. in Zurich. That gives the company a market value of 712.5 million francs ($758 million).
Klapper will assume his new position no later than January, Winterthur, Switzerland-based Rieter said in a statement yesterday after markets closed. He is taking over from Erwin Stoller, who has been joint CEO and chairman and will now focus solely on the later position, it said.
“We believe his broad industrial equipment experience will be an appropriate setup for Rieter,” Fabian Haecki, an analyst at Vontobel in Zurich, said of Klapper’s appointment in a note to customers. “We welcome the early announcement of a successor which should allow a smooth transition.”
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