Restructuring of the Gaming & Office Peripherals division

Munich, 2 October 2024 - As part of its restructuring program, Cherry SE is taking further measures to improve the performance and profitability of the company

• Head of the Gaming & Office Peripherals division to leave Cherry SE
• Realignment of the European sales organization
• CEO Oliver Kaltner takes over interim management of the division

Cherry SE is restructuring its Gaming & Office Peripherals division. The company has decided to part ways with René Schulz with immediate effect. Since the end of 2022 the division has struggled to fulfill its further internal structural and growth plans. In this context, EMEA sales via distribution and retail partners will also focus more directly on consumers (B2C) and at the same time concentrate on the core European markets of France, the UK, Spain, Italy and Portugal. Germany is given less weight in the plans because of the weak economic development and therefore low consumer demand.

Oliver Kaltner, CEO of Cherry SE: “Cherry SE has a concrete action plan to manage the succession. We will use the time until a successor joins Cherry SE efficiently to restructure this important division and put it on the planned growth path. Following the successfully completed reorganization of the Components division as well as of the finance division and the resulting increase in transparency, the management team and I personally will now focus on Gaming & Office Peripherals on an interim basis. This includes realigning our B2B business relationships with established distribution and system house partners. We will soon be introducing a new deal term and margin model, which on the one hand will dry up any gray market and on the other hand will focus activities on controlled sell-out measures and thus lead to an increase in profitability for all partners involved as well as CHERRY itself. In addition, we are aiming for a stronger focus on B2C business and the activation of new business relationships with the new sales partners amazon, MediaMarkt, ELGIGANTEN, Dixons and FNAC DARTY. We will also be reorganizing our EMEA sales team accordingly in this context”

Following the realignment of this division in combination with the already communicated realignment of CHERRY Americas and CHERRY APAC, all key parts of the company will finally be future-proofed, which should put the company in a position to focus on exploiting its market potential.

About Cherry

Cherry SE [ISIN: DE000A3CRRN9] is a globally operating manufacturer of high-end mechanical keyboard switches and computer input devices such as keyboards, mice, and headsets for applications in the worlds of gaming, e-sports, office and hybrid workplaces, industry, and healthcare. Since it was founded in 1953, Cherry has been synonymous with innovative, high-quality products developed specifically to meet the various needs of its customers.

Cherry has its operational headquarters in Auerbach in Germany's Upper Palatinate region and operates production facilities in Auerbach, Zhuhai (China), and Vienna (Austria) as well as various sales offices in Auerbach, Pegnitz, Munich, Landskrona (Sweden), Paris, Kenosha (USA), Taipei, and Hong Kong.

Find out more: https://ir.cherry.de

Contact

Cherry SE

Nicole Schillinger

Investor Relations

P: Rosental 7, c/o Mindspace, 80331 München

T: +49 (0) 9643 2061 848

E: ir@cherry.de