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Michael Traub Steps Down as President and CEO at BSH North America; Michael Steinle Named as Incoming President and CEO

IRVINE, CA -- (Marketwired) -- 07/17/14 -- BSH Home Appliances announced today that President and CEO Michael Traub is leaving his position at BSH Home Appliances North America as of August 29. Traub has been with the company for 21 years and served as the President and CEO of its North American operations for six years.

During his tenure at BSH in North America, Traub successfully managed the company during the financial crisis of the past several years making the North American region a role model within the global BSH organization. Under Traub's leadership the company has experienced phenomenal growth. With 25 percent growth in 2013 and 22 percent year-to-date growth through June, 2014, BSH enjoys sales momentum way above market growth.

Replacing Traub, Michael Steinle has been selected as the new President and CEO of BSH Home Appliances North America as of September 1, 2014. Thirty-two years with the company, Steinle has deep experience in sales, management, retail and built-in appliances. Steinle has served as the CEO of Bosch and Siemens Home Appliances Group in the UK, leading the business in the UK and Ireland for the last 3 years. Prior to that he served as CEO of BSH Hushallsapparater AB in Northern Europe, where he oversaw operations across multiple Nordic countries including, Sweden, Norway, Finland, Denmark, Iceland and the Baltic States.

Steinle will continue the successful momentum of BSH home appliances in North America by bringing his leadership to overseeing the three brands in the portfolio -- Bosch, Thermador and Gaggenau. The Bosch brand, which is recognized as the leading dishwasher brand in North America has recently expanded upon its design with a completely new kitchen line. The Thermador brand, which enjoys the number one relative share position in the luxury cooking segment, is recognized as the American luxury kitchen appliance brand that offers real innovations for real cooks. Additionally the Gaggenau brand, which holds a leading position in the ultra-luxury category, continually sets new standards in the household kitchen sector with its award-winning products.

ABOUT BSH HOME APPLIANCES

BSH Home Appliances Corporation manufactures and markets small and major home appliances that are known across North America for their high-quality and superior innovation. BSH sells its Bosch, Thermador and Gaggenau branded products throughout North America, through distributors, independent appliance dealers, national and regional retailers, builders and large buying groups. BSH Home Appliances Corporation is a wholly-owned subsidiary of BSH Bosch und Siemens Hausgeräte GmbH, headquartered in Munich, Germany, the world's third-largest home appliance manufacturer. Manufacturing facilities are located in New Bern, North Carolina, and La Follette, Tennessee.

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