Grammer Board of Management resigns
After takeover by Chinese competitors
Just a few weeks ago, Ningbo Jifeng took over the Bavarian automotive supplier Grammer. Now, surprisingly, the entire Grammer board is resigning. The company with 13,000 employees had previously fought against a takeover by the controversial Bosnian investor family Hastor. Now both CEO Hartmut Müller and CFO Gerard Cordonnier and Manfred Pretscher (Technology) are leaving the VW supplier.
The search for suitable successors has already begun, according to Supervisory Board Chairman Klaus Probst. Despite the resignation, the agreed guarantees for the locations and jobs shall be maintained.
The resignation of the executive board comes unexpectedly. Just at the end of August, Müller had told the news agency dpa-AFX that he was evaluating the takeover by Ningo Jifeng positively in order to be able to continue the strategy. At that time he also emphasized the positive relationship with the new owner.
Grammer 84 percent in Chinese hands
Müller now justifies his resignation with the following statement: “With my resignation, I am giving the Supervisory Board and the major shareholder the opportunity to discuss fundamental decisions about the future orientation of the company independently of myself and thus initiate the necessary course changes.”
The Chinese majority shareholder currently holds around 84 percent of the Company. According to company information, Grammer will remain listed on the stock exchange and continue its current financing and dividend policy. The brand and patent rights will also continue to be protected.