Company: LANXESS AG, Leverkusen, Germany
Company Description: LANXESS is a specialty chemicals enterprise at the core of the chemical industry. Although LANXESS has only existed In its present form since January 2005, it can look back on a 140-year history as It was once a part of Bayer AG.
Nomination Category: Management Categories
Nomination Sub Category: Best Executive in Europe

Nomination Title: Axel Heitmann, LANXESS AG

   1. Tell the story about what this nominee achieved (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

          When LANXESS was spun off from Bayer AG and initially listed at the stock
          exchange in January 2005, it faced monumental challenges. With next-to-no
          cash-flow flexibility and high debts: the young chemical company needed to be
          restructured in a targeted way. Today, however, the business can tell a
          successful story, thanks to the leadership of Chairman Dr. Axel C. Heitmann.
          Heitmann has turned LANXESS' fortunes around and the company is now counted as
          one of the world's most successful companies in the chemical sector, boasting 44
          sites and 15,200 employees in 21 countries.

          After only three years, Heitmann has successfully mastered one of the most
          extensive transformation processes in the history of the German chemical
          industry. He focused on a restructuring process in four phases: First, measures
          to improve earnings immediately; Second, targeted restructuring of low-margin
          businesses; Third, portfolio measures; and Fourth, acquisitions. Having
          succeeded in the first three phases, in the fall of 2006, Heitmann marked the
          coming year, 2007, as a new chapter for LANXESS, one of realignment and growth.
          But Heitmann was not concerned with growing for the sake of growth. His maxim
          was that any acquisition must create value, must improve the utilization of
          LANXESS' expertise, must not detract from the company's financial discipline,
          and must always be the result of an extremely strict selection process. This
          dedication led to smart and targeted acquisitions in 2007 that attributed to the
          company's growth. In addition to Heitmann's focus on positive external growth
          through strategic acquisitions, he also pursued organic growth by making
          expansion into the "right areas" a priority - areas of growth. This includes
          Asia-Pacific, where LANXESS sales rose from 14.6 in 2004 to 18.4 percent in
          2007. LANXESS is generating clear double-digit growth rates in all Asia-Pacific
          markets (except Japan). This is why in 2007 Heitmann commissioned four new
          production facilities and a development center in China alone.

          The announcement of the largest single investment in the history of LANXESS,
          dating February 26th, 2008, is the most recent example for organic growth.
          LANXESS has earmarked a record amount of EUR 400 million for a new chemical
          production site for synthetic rubber to be built at the chemical park on Jurong
          Island in Singapore.

          In 2007, having met the challenge of transformation, Heitmann led the company to
          significant growth in its third year as an independent company. Sales in 2007
          reached EUR 6.61 billion and the proportion of profitable sales continued to
          increase in 2007 to 75 percent, nearly three times what it was at the time of
          the company's launch. Since LANXESS was established, it has posted year-on-year
          earnings growth - the first three months of 2008 were the 13th successful
          quarter in a row. And to ensure sustained success even during an economic
          downtime, more than 50% of LANXESS' businesses are non-cyclic. Thanks to
          Heitmann's strong leadership from "day one" and his drive in 2007, LANXESS is
          now on track to achieve the goals originally set for 2009 a full year earlier
          than planned, in 2008.

   2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

          See this PDF for clickable links to online press releases and news stories:
          http://thestevies.com/IBA08Attachments/LANXESS/Lanxess-bestexecutive.pdf

   3. Provide a brief (up to 100 words) biography about this nominee:

          Axel C. Heitmann was backpacking in Tibet in 2004 when he received the call to
          become Chairman of LANXESS. Heitmann always wanted to be at the top. His
          doctoral advisor recalls, "There are scientists and those who want more. He
          wanted more." After his studies in chemistry at Hamburg University and his
          science doctorate at the University of Southampton, this "wanting more" led him
          to Bayer in 1989, where he rapidly rose through the ranks. After time in China,
          it wasn't patience Heitmann learned - instead his ambition and persistence led
          to the successful turnaround of LANXESS in only three years.