CEO Georges Rassel has been transferred internally, according to RTL sources. However, the exact reasons for the move have not been made public.
The company declined to make a statement on the leadership change when questioned by RTL.
Rassel, who has spent the last three decades working for Paul Wurth, was appointed CEO in 2015, replacing Marc Solvi, who had held the role for 17 years.
Paul Wurth became a subsidiary of German group SMS two years, after the group purchased 59% of shares at an initial stage in 2013, then completed the takeover after the Luxembourg government opted to sell its shares in 2021.
Now, the business counts around 1,900 employees across sites in 20 countries as one of the leaders in the installation of blast furnaces and coke oven plants. The German SMS group numbers around 15,000 employees worldwide.
In 1870, Paul Wurth was founded as “Kesselfabrick” in Hollerech, where the company’s new headquarters are also being built.
The LCGB and OGBL unions expressed surprise at Rassel’s demotion and said employees were “shocked” at the decision. In a joint press release issued on Friday, the unions said the company’s social dialogue was at risk and that commitments were not being kept. Both unions demanded an urgent meeting to discuss the reasons behind Rassel’s transfer.
