Bauer Aktiengesellschaft (ISIN DE0005168108) is planning an important change in the company's management structure. After 24 years as Chairman of the Management Board of Bauer AG and 32 years at the head of the Bauer Group, Prof. Thomas Bauer now wishes to pass on the management of the company to younger hands and thereby to leave the Management Board.
With this step, Prof. Bauer, 62 years of age, would like to implement the transition to the younger generation at an early stage. In the extraordinary meeting held today, the Supervisory Board of Bauer AG decided that the position of the Chairman of the Management Board would be filled with an externally appointed executive. The Supervisory Board has already decided on a person, who however due to their current role cannot yet be named.
The Chairman of the Supervisory Board, Dr. Klaus Reinhardt, has also announced that after a total of 17 years as member of the board, 12 of which as Chairman, he intends to leave the Supervisory Board of Bauer AG already in 2018.
The Supervisory Board supports the candidacy of Prof. Thomas Bauer for membership on the Supervisory Board and for the chairmanship of the Supervisory Board after his withdrawal from the Management Board. The switch from the Management Board to the Supervisory Board would allow Prof. Bauer to shape and accompany the transition process in the management of the family-owned company.
The precise time of the planned change in the Management Board depends on when the new Chairman of the Management Board will be able to assume his role. This will be communicated in due course – probably before the end of 2018.
Source: Bauer Aktiengesellschaft
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