Germany's Ceconomy Is Likely to Appoint Interim CEO

Datum : 16/10/2019 @ 18h10
Quelle : Dow Jones News
Name : Ceconomy AG (CEC)
Kurs : 3.564  0.552 (18.33%) @ 17h35
Ceconomy share price Chart

Germany's Ceconomy Is Likely to Appoint Interim CEO

Ceconomy (XE:CEC)
Historical Stock Chart


Von Jun 2019 bis Jun 2020

Click Here for more Ceconomy Charts.
   By Ulrike Dauer and Kim Richters 
 

Ceconomy AG (CEC.XE) is likely to name an interim chief executive after a board meeting to decide on the possible early exit of its current CEO on Thursday, several people familiar with the matter said Wednesday.

The German retailer's supervisory board is likely to replace the company's current CEO Joern Werner with a temporary manager while looking for a long-term successor, the people said.

When announcing the meeting late Tuesday, Ceconomy didn't give a reason for the move. Mr. Werner has only been serving as CEO since March.

According to the people, supervisory board member Bernhard Duettmann could step in as interim CEO. He previously served as temporary chief financial officer for the company after Ceconomy's previous CEO Pieter Haas and CFO Mark Frese stepped down one year ago.

Mr. Werner couldn't be reached for a comment, according to a Ceconomy spokeswoman, and referred to Tuesday's statement.

Shortly after Mr. Werner took office earlier this year, the company, known for its electronic retail brands and stores MediaMarkt and Saturn, approved a restructuring program to cut costs and reduce its workforce.

A potential early exit of Mr. Werner could thwart the restructuring, Bryan Garnier analyst Clement Genelot said.

"Beyond the transformation plan, we wonder how Ceconomy will be able to catch up on such a governance slippage with respect to investors after a year in 2018 that was already very complicated," he said.

At 1527 GMT, shares in Ceconomy trade 2.7% lower at EUR4.99.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

October 16, 2019 11:55 ET (15:55 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Kürzlich von Ihnen besucht
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

Der Markt LS (Lang&Schwarz) wird als Realtime Indikation kostenlos angezeigt und bietet Ihnen außerbörsliche Realtime Aktienkurse in der Zeit von Mo-Fr 08:00 bis 23:00, Samstags 10:00 bis 13:00 und Sonntags an.
NYSE und AMEX Kurse sind um mindestens 20 Minuten zeitverzögert.
Alle weiteren Kurse sind um mindestens 15 Minuten zeitverzögert, sofern nicht anders angegeben.
P: V:de D:20200606 15:15:55