Osram Reshuffles Board Amid Corporate Restructuring
December 01 2020 - 9:38AM
Dow Jones News
By Giulia Petroni
Osram Licht AG said Tuesday that it will start negotiations on a
mutual early termination of Management Board Chairman Olaf
Berlien's contract as part of a reorganization of its corporate
structure.
The company said Mr. Berlien, whose mandate will terminate by
the end of February, will be succeeded by Ams AG's chief financial
officer Ingo Bank.
The move comes after Ams and Osram signed a domination and
profit and loss agreement, "which is expected to become effective
within the next weeks," it said. This agreement has paved the way
for the integration of Ams and Osram into a combined company.
Furthermore, Osram said Peter Bauer, chairman and member of the
supervisory board, will resign in mid-December. Thomas Stockmeier,
a supervisory board member at Osram and member of the Ams
management board, will replace Mr. Bauer as chairman of the
board.
The company added that supervisory board member Christine
Bortenlaenger is set to step down from the board at the company's
annual general meeting on Feb. 23.
The two seats on the board vacated by Mr. Bauer and Ms.
Bortenlaenger will be filled by Ulrich Huewels, head of Ams's
optical sensors solution division, and Christin Eisenschmid,
managing director of Intel Germany and Austria, Osram said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 01, 2020 10:23 ET (15:23 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Intel (NASDAQ:INTC)
Historical Stock Chart
From Apr 2024 to May 2024
Intel (NASDAQ:INTC)
Historical Stock Chart
From May 2023 to May 2024