The Pierer Mobility Group has announced that its CEO, Ste🌱fan Pജierer, will depart the position.

Pierer will also leave his role as CEO of KTM AG, and become Co-CEO in both instances to Gottfried Neumeister, who joined PMG's management structure as Co🌌-CEO last year.

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"Stefan Pierer will hand over the role of CEO of Pierer Mobility AG and KTM AG to Gottfried Neumeister," a statement from Pie꧂rer Mobility Group reads, adding that Mr. PIerer "will continue to support [Neumeister] as Co-CEO during the restructuring process."

On the announcement of his departure from the CEO role, Pierer said: "Fo𒐪r me, KTM was always more than just a company - it was and is a passion, a mission and a family. 

"Th𒁃e decision to hand over the helm was not an easy one. I am deeply convinced✱ that Gottfried Neumeister, with his strategic foresight and commitment, is the right choice to lead KTM into the future."

Gottfried Neumeister added: "Stefan Pierer has created a unique compan💎y that reflects the passion and pioneering spirit of all employees. I see it as my task to preserve this legacy and at the same time to break new ground.

"KTM stan𓆏ds for courage, innovation and passion - values that we will continue to live by and carry into the future. Together with our team, we will continue to strengthen KTM and set new standards to build the best motorcycles in the world."

The news of KTM's and PMG's change of CEO comes almost one year before Pierer's current🍨 term as CEO was due to end, on 31 December 2025.

Additionally, it comes amid financial difficulties for KTM AG which has seen it commence insolvency proceedings which remain ongoing in an attempt to🐓 avoid bankruptcy.

Since it was announced that KTM would be entering into administration proceedings late last year, measures 🌺have been taken within the compan🍷y to cut costs.

Part of this has been reducing the size of the workforඣce, which the PMG statement announcing the change in CEO adds🎃 has been cut by 1,800 employees.

The reduction in workforce was combined with a reduction in☂ production volume to 230,000 in 2024, which the statement says has "relieved [global inventories] byꦛ around 40,000 units (-18 per cent). This represents an important first step in the restructuring plan."