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China-Owned German Robotics Giant Kuka Let Go of Its CEO

Jiemian News, the online news site under the Shanghai United Media Group, recently reported that German robotics giant Kuka AG officially announced the leave of its Global CEO, Till Reuter, who has served the company for the past decade. His original term had been extended to 2022. Sources explained that Reuter did not intend to leave the company. However, he had a major disagreement with the company Supervisory Board Chairman, Gu Yanmin, and decided to move on. Gu is the Deputy President of China’s Midea Group that acquired Kuka in 2016. The Midea Group currently holds 94.55 percent of Kuka. Kuka announced its major investment plan in China this past March. The plan will establish a new manufacturing base in Guangdong China to deliver an annual Chinese operation capacity to make 100,000 industrial robots by the year 2024. Kuka’s latest announcement indicated that there is no change in terms of intellectual property protection agreements it had with China.

Source: Jiemian News, November 27, 2018