Johannes Frauendorfer will serve as chair, succeeding Heinrich Weiss, who has stepped down from the foundation and other leadership roles in the company to make way for the next generation of leadership.

Joining Frauendorfer on the board are Georg Heinrich Weiss and Heinz-Erik Decker.

“The foundation’s three Board members have joined the supervisory boards, thus ensuring a seamless transition and continuity in the strategic orientation of SMS group,” the company said in a statement. “The foundation’s new board also represents the values that have contributed to the success of SMS group for more than 150 years,” it added.

The appointment of the new directors follows last year’s appointments of Jochen Burg as chief executive officer and Fabíola Fernandez as chief financial officer.