Coltene announces departure of chief financial officer

Coltene has announced that its chief financial officer (CFO) Hans Gruter is stepping down from his position.

Mr Gruter is vacating his post and leaving the company in order to pursue a new career challenge in the software industry, with the search for a successor having already been commenced by Coltene.

He has served on the firm's management board since 2006 and has been credited with establishing an optimal framework for its finance and IT units in the seven years since its initial public offering.

Coltene is now able to operate efficiently worldwide via a lean structure, leading the company's management staff to pay thanks to Mr Gruter for his hard work and contributions over the years.

Chief executive officer Martin Schaufelberger said: "Hans Gruter was a great source of support when I took up my position as chief executive officer. He provided key inputs during the recent strategic review and realignment, and we are pleased with the ongoing implementation process."

Last month, the company announced its financial results for the first half of 2013, during which it experienced a 2.8 percent year-on-year sales increase.