Rickert Steps Down as President and CEO; Dangel Named Successor at Bosch Rexroth


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Hoffman Estates, Ill. -- The Executive Board of Bosch Rexroth AG, Lohr, Germany, announces that Bob Rickert will step down as president and chief executive officer of Bosch Rexroth Corp. and will be replaced by Wolfgang Dangel, currently an executive vice president and the chief financial officer.

Rickert will assume the role of advisor to executive management, while Dangel will take over as president and CEO effective April 1, 2003. No decision on Dangel's replacement has been made at this time.

In addition to his two years' experience as Bosch Rexroth's executive vice president and CFO, Dangel has completed successful leadership roles in Germany, South Africa and the People's Republic of China.

Rickert has more than 24 years' experience with Bosch Rexroth. In the U.S., he helped grow the Electric Drives and Controls division (formerly known as Indramat) and Rexroth Automation from 1998 to January 2001. In February 2001, Rickert was appointed president and CEO, overseeing the successful merger of Bosch Automation Technology and Mannesmann Rexroth in May 2001. Post-merger consolidation activities were completed in 2002.

In addition, over the past 22 months, Rickert has helped Bosch Rexroth implement a company vision and strategy, reduce operating costs, build the sales networks of both the Factory Automation and Mobile Hydraulics business units, enhance the U.S. distribution network, and advance the company's e-commerce initiative.

Bosch Rexroth Corp., a merger of Bosch Automation Technology and Rexroth, is a wholly owned subsidiary of Robert Bosch GmbH. In the year 2001 the separate companies had total revenues of approximately US $3.42 billion and a worldwide total of around 26,000 employees. For more information, visit www.boschrexroth-us.com.

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