References about Michael Toedter - Board of Directorship

"I worked together with Michael during the period in which I was CFO at BHST Washing Appliances Ltd., Thailand, a Joint Venture between BSH Home Appliances Group and Hitachi Group where Michael was a Board Member. During the negotiations and following corporate relations, cultural differences between the German and Japanese had to be dealt with. I recall Michael being well respected by the Japanese partners because of his multicultural abilities and knowledge of the Japanese customs, which were decisive for his contribution in smoothening the differences in management styles between both Asian and European partners.

In the course of the JV operations, the factory had to be ramped up, with the support of the BSH Asia-Pacific business unit which was as well managed by Michael. He proved to be both, a demanding Director by constantly challenging the management of the JV towards cost reductions and at the same time a very reliable and supporting partner in steadily achieving the sales plans of the region.

As a whole, I look back on the cooperation with Michael as one of the most enriching periods of my professional career."

"I had the pleasure to cooperate with Michael Toedter very closely during his assignment as a Vice President Corporate Sales at the Global HQ of BSH Bosch and Siemens Home Appliances Group. In addition hereto Michael also served as a non-executive board member for the stock-listed BSH Ev Altieri Sanayi ve Ticket A.S. from 2011 thru 2014.

Thanks to the very formidable size and annual growth rates of the Turkish market we enjoy a very high degree of attention from our Global HQ in Munich/Germany. It was of utmost importance for the excellent growth of our business to establish a trust-worthy relationship with our colleagues at the HQ. Michael played an instrumental role in integrating our organisation into global projects for the benefit of the BSH Group as a whole - e.g. in the area of online business with trade partners and consumers. The Turkish colleagues very well respected him as a top-management contact at BSH Global Headquarters.

Due to Michael's ability of putting current situations with future trends and developments into strategic contexts we benefited tremendously from his advice during his term as a board member. Michael combined his analytical capabilities with a very good understanding of operational requirements. This made him very effective, e.g.  when we extended the development of our home appliance business into the Middle East and North African markets that became part of our responsibility during the time of Michael serving on the board."