Bekaert appoints new CEO as Yves Kerstens steps down

Belgian steel technology company Bekaert has announced a change in leadership, with Olivier Biebuyck set to become its new chief executive officer from 1 June.

Biebuyck will replace Yves Kerstens, who is leaving the company on 31 May after less than three years in the role and will also step down from the board.

The company said Biebuyck brings strong experience in leading and transforming global industrial businesses, both through organic growth and acquisitions. He is currently a senior executive at US-based ESAB Corporation, which makes welding and cutting equipment, and has previously worked at Honeywell and Lafarge. He studied at the Solvay Brussels School of Economics and Management.

Chairman Jürgen Tinggren said the board believes Biebuyck is the right person to lead Bekaert’s next phase of transformation.

Bekaert, headquartered in Zwevegem, employs around 19,000 people worldwide and reported revenues of €3.7bn last year, down 6%. The company has faced a challenging period, with uncertainty in global trade conditions and weaker demand. It has also revised its expectations for recent years.

The group produces steel cord for tyre reinforcement and steel wire used in construction.

Kerstens, who took over in September 2023, had initially set ambitious targets, but investor confidence weakened over time as some expected projects, including new technologies, failed to deliver the hoped-for results.

^{#FlandersNewsService | Yves Kerstens © BELGA PHOTO DIRK WAEM}