CFO of Cherry SE currently unable to perform duties, Cherry SE announces Interim-CFO

Munich (Germany), January 30th, 2024 - The Chief Financial Officer (CFO) of Cherry SE [ISIN: DE000A3CRRN9], Dr. Mathias Dähn (56), is currently unable to perform his duties in the financial management and control of the company.

Effective from February 5^th, 2024, Volker Klaus Christ (60) is taking over the management of the entire finance division on an interim basis. The Senior Finance Executive has been working in the areas of controlling, auditing, and financial analysis in international companies for over 35 years. During his many years working for S.Oliver and the US group Procter & Gamble, among others, he gained international experience. Cherry SE will benefit from his extensive expertise as a CFO for many years as well as his routine in restructuring and transformation situations. With the support of the Cherry team, Volker Christ will familiarize himself with all relevant processes in the finance department in the short term. He will report into the CEO of Cherry SE, Oliver Kaltner.

Oliver Kaltner, CEO Cherry SE, explained: "Due to the current inability of Dr. Mathias Dähn to perform his duties in the financial management and control of the company, Cherry SE was required to find an interim solution. Thanks to the rapid involvement of Volker Christ, we can guarantee uninterrupted internal and external processes and will meet all deadlines in the financial calendar.

Volker Christ will ensure that the Executive Board receives all information needed. In particular, the measures announced in November to restructure the Components division will be implemented in a timely manner as planned. The selective outsourcing of production capacities for third-party components as part of the cooperation project with a manufacturing partner in China is continuing according to plan, both in terms of content and timing, under the personal leadership of our COO Dr. Udo Streller. We will analyze the further development of the Components division in detail and also review the valuation if there are any indications to do so.

In the current financial year 2024, we will focus a great deal of management attention on active and strict cost controlling. To this end, we have introduced a centralized cost management system that improves the transparency of the individual business divisions.

This will be accompanied by agile treasury management, which will ensure Cherry SE's liquidity remains stable and sufficient during the company's transformation phase.

On the sales side, we are intensifying the implementation of our margin growth strategy in order to sustainably establish achievable margins for Cherry SE in the market.

We believe that the structural growth drivers in our core segments "Peripherals for Office and Gaming" and "Digital Health & Solutions" remain intact." (end of quote)

About Cherry

Cherry SE [ISIN: DE000A3CRRN9] is a globally operating manufacturer of high-end mechanical keyboard switches and computer input devices such as keyboards, mice, and headsets for applications in the worlds of gaming, e-sports, office and hybrid workplaces, industry, and healthcare. Since it was founded in 1953, Cherry has been synonymous with innovative, high-quality products developed specifically to meet the various needs of its customers.

Cherry has its operational headquarters in Auerbach in Germany's Upper Palatinate region and operates production facilities in Auerbach, Zhuhai (China), and Vienna (Austria) as well as various sales offices in Auerbach, Pegnitz, Munich, Landskrona (Sweden), Paris, Kenosha (USA), Taipei, and Hong Kong.

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