According to multiple reports, Russia is actively seeking to assassinate Armin Papperger, the CEO of Rheinmetall AG, Germany’s largest defense company and the leading arms supplier to Ukraine. His company’s extensive support for Kyiv has turned him into a key figure in Europe’s defense efforts—and a top target for Moscow. Despite several assassination attempts, Papperger has survived thus far.
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At 62 years old, Papperger has built a massive fortune in the weapons industry, now estimated at $12 billion, according to Bloomberg. In April 2024, he survived an arson attack targeting his home in the quiet German village of Hermannsburg. While Papperger wasn’t home at the time, the fire—set deliberately—was intended to kill him. The attack came after Rheinmetall provided Ukraine with armored vehicles, military trucks, and ammunition, and announced plans to build four weapons production facilities inside Ukraine.
Soon after the attack, a left-wing online platform published an anonymous post claiming responsibility for the arson. The message harshly criticized Rheinmetall for profiting from the war in Ukraine and warned that Papperger “is no longer safe.”
A High-Profile Target
A few months later, CNN revealed that U.S. intelligence agencies had warned Germany earlier in the year that Russia was planning to assassinate Papperger. The plot was described as one of the most sophisticated among a series of Russian operations targeting defense executives across Europe.
In January, James Appathurai, NATO’s former hybrid warfare chief, confirmed during a European Parliament session that Russia had concrete plans to kill Papperger. “All signs indicate that the Russians are far more willing to risk the lives of our citizens,” he said. “Our response must be equally strong.”
Driving Europe’s Re-Arming Campaign
Bloomberg describes Papperger as “the most prominent target of the new era”, due to his central role in arming Ukraine and benefiting from Europe’s largest defense investment in decades.
While rival CEOs remained behind closed doors, Papperger took the lead in Europe’s rearmament campaign—buying out competitors, expanding production, and even welcoming Ukrainian President Volodymyr Zelenskyy in Kyiv.
Germany’s recent announcement of a massive defense spending increase fueled investor enthusiasm. Rheinmetall’s stock has surged more than 18x since the war began, making it the most valuable defense company in Europe, with a market cap of around €81 billion.
Papperger has voiced frustration over how investors once overlooked the defense sector. “Now we’re major players in the global defense cycle,” he told Businessweek. “We were always ready—and now it’s paying off.”
Billions in Investment and Expansion
Over the past two years, Rheinmetall has invested more than €8 billion in new production lines and acquisitions. Papperger stated the company is now building or expanding 10 major factories, positioning itself as Europe’s ammunition powerhouse.
He sees himself as a defender of the rules-based international order. “It has always been clear to us that free societies must be able to defend themselves,” he said. “Peace and freedom are not free.”
From Engineer to Defense Powerhouse
Five years ago, Rheinmetall was viewed as an outdated company operating in fading sectors. “No one was advising investment in ammunition—it was seen as obsolete,” said Defense Analysis editor Francis Tusa.
Papperger joined Rheinmetall in 1990 as a quality control engineer, climbing the ranks steadily. By 2010, he had joined the defense division’s board, and in 2013, he became CEO, restructuring the company to strengthen his control.
Insiders say Papperger runs Rheinmetall like a family business, making both major and minor decisions with a four-member executive board.
A Hands-On, No-Nonsense Leader
Papperger is known for his casual dress code—jeans and a button-down shirt—and for personally touring Rheinmetall’s factories to speak with workers and welders. He’s famously direct and can lose his temper when meetings waste his time.
Described as a workaholic, Papperger is known to send emails as early as 4 a.m., requesting urgent updates or decisions. He regularly asks employees at all levels, “If this were your money, would you invest it here?”
