Dr Frank Heinricht will retire as Schott CEO at the end of this year.

Dr Heinricht, Chairman of the Management Board of Schott, informed the Supervisory Board that he would not be renewing his employment contract as CEO in June 2023.

He plans to retire on December 31, 2024.

Dr Heinricht said: “I have taken this decision entirely due to personal reasons.

"I look back at a wonderful time at Schott and am very grateful to have been able to accompany the company on its growth path over the past 11 years.”

Dr Heinricht has headed the company since 2013.

During this time, sales rose from €1.9 billion to around €2.9 billion, and the equity ratio increased from 19% to over 63%.

The Chairman of the Supervisory Board of Schott, Dr Michael Bolle, said: “Schott owes an extraordinary amount of gratitude to Dr Frank Heinricht. With his innovative, team-oriented and strategic skills, he has shaped the company into a very successful group.

“We deeply regret his decision and thank him for his outstanding achievements. We wish Dr Heinricht all the best for the future.”

Dr Heinricht’s successor will be Dr Torsten Derr, who is currently the CEO of SGL Carbon.

Dr Bolle said: “As a recognised and successful CEO, Dr Derr will succeed Dr Heinricht in leading Schott on its path of continuous innovation and growth.

“We wish him a great start and much success in managing the company.”