In a statement, Lenzing said its CEO Stephan Sielaff would not be renewing his contract with the company's management board, "by mutual agreement" with its supervisory board.

Aggarwal, who was previously Lenzing's chief fibre officer, is now replacing Sielaff as CEO. Lenzing said he had "several decades of experience in leading positions in the textile and chemical industry".

He commented: "I am very much looking forward to the new role and the opportunity to strengthen Lenzing as a leading player in the sustainable fibre industry in the coming years. Building on the strong foundation already in place, it is my privilege to be working alongside the team at Lenzing to further expand the business and grow its iconic brands to their full potential."

Sielaff added: "The last, very eventful years have been characterised by incredible energy and change at Lenzing. These massive efforts and the resulting developments are just beginning to pay back. I am convinced that they have laid the foundation for an outstanding future for Lenzing. It fills me with pride and gratitude to have played my part in a fantastic company with great employees."

Sielaff was appointed in 2022, admid strong full year results for 2021. At the time, Peter Edelmann, chairman of the supervisory board said: "Stephan Sielaff took up his duties at the beginning of the Corona crisis and has shown outstanding efficiency over the two years. His strong presence and leadership qualities convinced the supervisory board to offer him the role of future CEO. We are very pleased that he has accepted the offer and that with him someone from within the company will continue to shape the future of Lenzing."