If you haven't been paying attention to current motorcycle industry events for the past few months, you might not know that KTM's been having a rough time of it lately. But if you're reading RideApart, then chances are excellent that you're well aware of the company's numerous struggles.
It's a laundry list that reads like any OEM's worst nightmare: Unsold bikes, unpaid employees—though they've recently been paid in January, thankfully—insolvent subsidiaries, you name it.
We've never claimed to be business experts, but it's likely clear to just about anyone that something serious needed to change at the troubled manufacturer.
As KTM AG's insolvency works its way through the Austrian courts and creditors have been filing their claims, wheels have been turning left and right behind the scenes. On January 23, just a day ahead of the next big restructuring calendar date for the OEM, KTM AG parent company Pierer Mobility AG released new information for its investors.
Among notes that yearly 2024 revenue is down 29 percent as compared to 2023, as well as that its earnings before interest, taxes, depreciation, and amortization (EBITDA) is apparently in the red to the tune of 300 million Euros, Pierer AG also notes on record that it's cut around 1,800 employees so far. Ouch.
Tucked in amongst the fiscal year-end notes to investors is one piece of information that absolutely no one saw coming amidst the chaos. Are you ready? Stefan Pierer, who has until now been CEO of both Pierer Mobility AG and KTM AG, is officially stepping down as CEO.
But it's not as cut-and-dried as that simple statement might make it seem if you delve into the details.
Who will take his place? None other than Gottfried Neumeister. If that name sounds familiar, it should. Back in October 2024, Pierer Mobility AG announced that it was trimming down its Executive Board from the six members it had previously to just two: Stefan Pierer and Gottfried Neumeister. At that time, Pierer was still CEO, with Neumeister named as Co-CEO.
Fast-forward to January 2025, and it seems they're simply exchanging titles. Gottfried Neumeister will now be CEO of both Pierer Mobility AG and KTM AG, and Stefan Pierer will stay in a support role as Co-CEO.
Since we're not flies on the walls of any boardrooms, we can't say for certain what substantive leadership differences this might make in what goes on behind closed doors. All we can say for certain is that these titles have changed, at least on paper.
For additional context, Pierer Mobility AG also issued another investor release on January 23. This one addresses the "several offers from investors" that it has so far received as "part of the investor process structured by Citigroup Global Markets Europe AG."
Timing here is undoubtedly critical, as the dates on both this and the separate announcement of Stefan Pierer's new position as Co-CEO have both occurred just a single day before what AKV Europa notes is "Examination Day" for KTM AG, KTM Forschungs & Entwicklungs GmbH, and KTM Components GmbH.
Just a coincidence? That seems unlikely, but we'll have to see how the next chapter unfolds as the next steps in the restructuring procedure come into focus.
