Why Recessions Forge Great CEOs Who Think Beyond Cost-Cutting
04/15/2025
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
German copper producer Aurubis AG announced a leadership change effective September 1, 2024. Dr. Toralf Haag will assume the Chief Executive Officer (CEO) role, succeeding the outgoing Roland Harings. This appointment follows a period of internal restructuring at Aurubis prompted by a large-scale metal theft incident revealed earlier this year.
The company’s supervisory board agreed with Mr. Harings, Chief Financial Officer (CFO) Rainer Verhoeven, and Chief Operating Officer (COO) for Custom Smelting Dr. Heiko Arnold regarding terminating their employment contracts. This decision reflects the board’s accountability measures in response to the theft above and other challenges Aurubis has faced during the past fiscal year, including occupational safety incidents.
Dr. Haag is not a new face at Aurubis. He previously served as the company’s COO, bringing a wealth of industry experience to his new role as CEO. The supervisory board chairman, Prof. Dr. Fritz Vahrenholt, expressed confidence in Dr. Haag’s leadership, highlighting his strategic vision and familiarity with Aurubis and its markets.
Mr. Harings will remain in his position until August 31, 2024, to ensure a smooth transition. Additionally, Dr. Markus Kramer, a supervisory board member, will be appointed to the executive board temporarily until September 30, 2024. Dr. Kramer will assume Dr. Arnold’s responsibilities and oversee the ongoing implementation of measures to strengthen plant security and occupational safety protocols.
The appointment of Dr. Haag signifies Aurubis’ commitment to moving forward from recent challenges. His leadership is expected to focus on strengthening internal controls, rebuilding trust, and capitalizing on growth opportunities within the copper industry.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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