william demant hearing aid

Demant Promotes Oticon President as COO of Group, Adds New CFO

rene schnieder
René Schneider

Kongebakken, Denmark–Danish hearing instrument manufacturer William Demant Holdings A/S announced the hiring Tuesday of René Schneider, for a newly created position of Chief Financial Officer. It was also announced that Søren Nielsen, the President of Demant’s flagship brand Oticon, was being promoted as Chief Operating Officer for the company.

According to the press release, René Schneider comes to Demant from a position as CFO with Auriga Industries, a Danish holding company.

soren nielsen
Søren Nielsen

Søren Nielsen, who has been employed with William Demant since 1995, has served as President of Oticon A/S since 2008.

Both Schneider and Nielsen will become members of the Executive Board of William Demant, which is currently headed by President & CEO, Niels Jacobsen.

Changes Align With Long-term Strategy

The announced changes come on the heels of the Demant Group’s significant acquisition of the large French hearing care retailer Audika.

“William Demant has seen impressive growth for more than 20 years and is today one of the biggest players in its industry on a global scale,” said Board Chairman Lars Nørby Johansen, in the company statement. “In a changing market, with growing investments and increasing complexity, we are now extending the Executive Board with a view to supporting our ambition of becoming a global market leader in hearing healthcare”.

According to William Demant President and CEO Niels Jacobsen, René Schneider will become responsible for implementing the Group’s “already initiated change and efficiency improvement projects”, while Søren Nielsen will continue to be responsible for the company’s “entire wholesale hearing instrument business”.

Outgoing Senior Vice President of Finance, Stefan Ingildsen, will continue in his present position until September 1, 2015, when René Schneider will take up his position as CFO.