Michael Jacobi, a German citizen, was Chief Financial Officer at Ciba Speciality Chemicals Inc. from 1996 until 2007. Michael joined the Ciba Group in 1978 and subsequently held various executive positions in the financial area in Switzerland, Brazil and the U.S. Since 2003, Michael serves on the Board of Directors of Sonova Holding AG, formerly Phonak AG, since 2004 as the Head of the Audit Committee. Sonova, located in Staefa/Zurich, is a leading provider of innovative hearing healthcare solutions and the market leader in wireless communication systems for audiology applications. Furthermore, Michael serves on the Board of Directors of Hilti AG since 2007. Hilti, located in Schaan (Liechtenstein), provides leading-edge technology to the global construction industry. Since 2008, Michael is also a member of the Board of Trustees of the Martin Hilti Family Trust.