Joerg Bauer, president and CEO of Tungsram, has been named Man of the Year 2019 by Hungarian business newspaper Figyelő.
“My personal gratitude goes to all the Tungsram ‘Persons of the Year’ that have excelled in their respective fields in the last 20 months since the management buy-out in 2018 — and to our partners that place their trust in us.”Joerg Bauer, president and CEO of Tungsram
The award honors Bauer’s work in the revival of our 120-years-old Hungarian brand – Tungsram – while also recognizing how it was formed into a prosperous multinational corporation with 4,000 employees, the company said.
“My personal gratitude goes to all the Tungsram ‘Persons of the Year’ that have excelled in their respective fields in the last 20 months since the management buy-out in 2018 — and to our partners that place their trust in us,” Bauer wrote on LinkedIn. “The award gives us even more motivation to continue our path transforming Tungsram, with our strategy built on innovation and solutions, to address some of the most pressing challenges of our time.”
In April, the company will celebrate its two-year anniversary since the re-emergence as the result of a management-led buyout.
“The company is 123 years old. It’s a very traditional, very innovative lighting company based in Hungary, where we have five factories and employ almost 5,000 people,” Bauer told Aftermarket Intel in 2018. “We went to our partners, our customers, and we asked, what can we do for you? How can we make you successful?” Bauer said. “We are staffing and hiring experts in North America. We are focusing more on logistics and our distribution capabilities. So there’s a lot of things happening.”
In May 2019, the company expanded its aviation business with GE, its former parent company, in Hungary. Since then, the company has announced several other partnerships and ventures globally.
The 123-year-old Tungsram brand was re-born by the sale of GE Lighting business in Europe, the Middle East, Africa and Turkey, as well as Global Automotive business, to Tungsram Group, controlled by Bauer, a former GE executive.