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MarketScreener Homepage  >  Equities  >  Xetra  >  Ceconomy    CEC   DE0007257503

CECONOMY

(CEC)
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CECONOMY AG: Supervisory Board of CECONOMY AG agrees on changes in the Management Board

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10/17/2019 | 03:20pm EST

DGAP-News: CECONOMY AG / Key word(s): Personnel
CECONOMY AG: Supervisory Board of CECONOMY AG agrees on changes in the Management Board (news with additional features)

17.10.2019 / 21:14
The issuer is solely responsible for the content of this announcement.


Supervisory Board of CECONOMY AG agrees on changes in the Management Board

- Separation from CEO Jörn Werner in mutual agreement; Supervisory Board member Dr Bernhard Düttmann takes over for twelve months as CEO

- Strategy process of the company continues to be implemented as planned; establishment of a Transformation Committee headed by Dr Bernhard Düttmann

Düsseldorf, 17 October 2019 - In an extraordinary meeting the Supervisory Board of CECONOMY AG (CECONOMY) and Jörn Werner, the Chief Executive Officer (CEO), decided by mutual agreement to part with immediate effect. At the same time, the Supervisory Board appointed Dr Bernhard Düttmann, member of the Supervisory Board, for a term of twelve months as CEO. Düttmann also becomes Labour Director and, in addition to Human Resources, is responsible for the Group's strategy. The cooperation, especially in the implementation of the strategy, will be ensured by a Transformation Committee headed by Dr Bernhard Düttmann, to which the Management Board of CECONOMY and the management of MediaMarktSaturn belong. From 17 October 2019, the CECONOMY Management Board consists of Dr Bernhard Düttmann (CEO) and Karin Sonnenmoser (CFO).

"We would like to thank Mr. Werner for his commitment and the work he has done. He played an active role in the strategic development of CECONOMY. With regard to managing the company, however, there are different views between him and the Supervisory Board, so that the separation is a logical step", says Jürgen Fitschen, Chairman of the Supervisory Board. CECONOMY will now continue its ongoing strategy process under the leadership of Dr Düttmann and present the results of this process as planned around the turn of the calendar year. After completion of the last business month in financial year 2018/19, there is no indication that CECONOMY will not reach its outlook.

Dr Bernhard Düttmann was already an interim member of the Management Board of CECONOMY from January to March 2019. "During this time, he worked extensively with the entities of the group and won the trust of the employees at CECONOMY and MediaMarktSaturn. Together with the management team at MediaMarktSaturn, he set the course for the successful ongoing reorganization and efficiency program. During his time, he also supported the detailing of the first repositioning initiatives", says Fitschen.

"Already during my first assignment as a member of the CECONOMY Management Board I got to know many employees of the Group. I am looking forward to the task and the opportunities to further strengthen the cooperation between the two companies and to bring the strategy process to a successful conclusion with the management of MediaMarktSaturn", says Dr Bernhard Düttmann.


About CECONOMY

CECONOMY AG empowers life in the digital world. It is leading for concepts and brands in the field of consumer electronics. The companies in the current CECONOMY portfolio have billions of consumer contacts per year and provide products, services and solutions that make life in the digital world easy and enjoyable, creating value for consumers and shareholders alike.

 

***

Communications, Public Policy & Sustainability

Phone +49 (0) 211 5408-7125
Email presse@ceconomy.de
Website https://www.ceconomy.de/en/presse/


Investor Relations

Phone +49 (0) 211 5408-7222
Email IR@ceconomy.de
Website https://www.ceconomy.de/en/investor-relations/


Additional features:

Document: http://n.eqs.com/c/fncls.ssp?u=CPPSWKKXAB
Document title: Supervisory Board of CECONOMY AG agrees on changes in the Management Board


17.10.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: CECONOMY AG
Benrather Straße 18-20
40213 Düsseldorf
Germany
Phone: +49 (0)211 5408-7225
Fax: +49 (0)211 5408-7005
E-mail: stephanie.ritschel@ceconomy.de
Internet: www.ceconomy.de
ISIN: DE0007257503, DE0007257537, Weitere: www.ceconomy.de/de/investor-relations/
WKN: 725750, 725753, Weitere: www.ceconomy.de/de/investor-relations/
Indices: SDAX
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 892165

 
End of News DGAP News Service

892165  17.10.2019 

fncls.ssp?fn=show_t_gif&application_id=892165&application_name=news&site_id=zonebourse

© EQS 2019
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Financials (EUR)
Sales 2019 21 518 M
EBIT 2019 405 M
Net income 2019 100 M
Finance 2019 724 M
Yield 2019 0,71%
P/E ratio 2019 18,4x
P/E ratio 2020 7,83x
EV / Sales2019 0,04x
EV / Sales2020 0,04x
Capitalization 1 646 M
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Average target price 5,54  €
Last Close Price 4,58  €
Spread / Highest target 59,4%
Spread / Average Target 20,8%
Spread / Lowest Target -1,77%
EPS Revisions
Managers
NameTitle
Bernhard Düttmann Chief Executive Officer & Member-Supervisory Board
Jürgen Fitschen Chairman-Supervisory Board
Karin Sonnenmoser Chief Financial Officer
Jürgen Schulz Deputy Chairman-Supervisory Board
Karin Dohm Independent Member-Supervisory Board
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