Giesecke & Devrient (G&D), which earlier this year reported a fall in profit and 400 redundancies, has promoted internally to replace its outgoing CEO.

The new CEO and chairman is Walter Schlebusch (pictured) who currently runs its banknote business, and replaces outgoing head Karsten Ottenberg.

Ottenberg was previously due to leave in September 2013 but now the company says he will leave 30 June. Schlebusch takes over 1 July.

The job losses earlier this year fell in G&D’s mobile security business, which include SIM card production and its trusted service manager (TSM) business. G&D admitted the unit faced strong competition and pricing pressure from rivals.

Ottenberg is to lead Bosch and Siemens Household Appliances.