10. Subsequent events
Group Executive Board member Egon Renfordt-Sasse will retire effective 31 March 2020. In this connection, the two Group Executive Areas Operations and Product Management & Innovation will be simultaneously merged to form the new Group Executive Area Products & Operations under the management of Group Executive Board member Martin Ziegler.
Furthermore, the Board of Directors of Geberit AG has appointed Clemens Rapp as the new Head of Sales Europe and a member of the Group Executive Board. He will take up his role on 1 April 2020 and replaces Karl Spachmann, who is leaving the company at his own request.
Given the sound financial foundation, the Board of Directors has decided to initiate a new share buyback programme of up to CHF 500 million with a maximum duration of two years. The programme is expected to start in the second or the third quarter of 2020.