Monz took up the top job at Heidelberg in April 2022, when he replaced Rainer Hundsdörfer. Prior to that he worked at Germany’s Zeiss Group for more than 25 years.

He will step down at the end of June.

In a statement, he said: “I really enjoyed working at Heidelberg. I would like to thank the supervisory board, the management team and all employees of the company for their good cooperation.”

His replacement will be Jürgen Otto, currently CEO at Germany fashion firm s.Oliver Group, who will become CEO of Heidelberg on 1 July.

Dr Martin Sonnenschein, chairman of the Heidelberg supervisory board, commented: “We very much regret Dr Ludwin Monz's decision to leave Heidelberg. He has decisively advanced our company strategically and operationally and thus strengthened our foundation in a difficult market environment.

“With Jürgen Otto, we are gaining a proven leader. With his experience and network, we will continue to consistently prepare Heidelberg for the future, increase profitability and further strengthen our significant technological expertise in the printing and packaging industry and beyond.”

The manufacturer said that Otto would bring decades of experience “in the sustainable orientation of large industrial companies, complemented by experience in the field of turnaround management in the recent years” to his new position.

Heidelberg has also appointed head of sales Dr David Schmedding as an additional member of its management board as chief sales and service officer.

Otto said: “Heidelberg is an icon of German industry with product quality and service expertise that is appreciated worldwide.

“I am looking forward to becoming part of Heidelberg and working together with the management team around Tania von der Goltz [CFO] and David Schmedding as well as all employees on a successful future for the company.”

Over the past week shares in Heidelberg have fallen by 8.35% to a 52-week low of €0.93 (79p).  (52-week high: €1.97).