Voestalpine AG said Dec. 19 that Hubert Zajicek will succeed CEO-designate Herbert Eibensteiner as head of the group's steel division, its largest revenue generator.

The transition will be effective once Eibensteiner takes over from Wolfgang Eder in July 2019. Eder is stepping down after serving as CEO for about 15 years.

In late October, Voestalpine slashed its earnings forecasts for the full year ending March 31, 2019.

Zajicek, who has been responsible for technology at the steel division's management board since 2014, will become one of the six members of Voestalpine's management board.