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MarketScreener Homepage  >  Equities  >  Xetra  >  Innogy SE    IGY   DE000A2AADD2

INNOGY SE

(IGY)
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Cevian's Tischendorf to leave Thyssenkrupp supervisory board

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12/12/2019 | 10:38am EST
The logo of Thyssenkrupp is seen near elevators in its headquarters in Essen

Jens Tischendorf, a partner at activist fund Cevian, will leave the supervisory board of Thyssenkrupp after his five-year term ends next month, the ailing conglomerate said on Thursday.

Tischendorf, who had been a member of the board since 2015, will not stand for re-election at the group's next annual general meeting on Jan. 31, the company said.

The group's supervisory board has proposed to appoint Friederike Helfer, head of Cevian's Swiss office who has been with the fund since 2008, as a member.

"Friederike Helfer has earned a reputation as an analytical, experienced industrials portfolio manager," Thyssenkrupp Supervisory Board Chairman Siegfried Russwurm said in a statement.

Cevian has been invested in Thyssenkrupp since 2013 and is now the group's second-largest shareholder, with a stake of 18%. Since it first disclosed its investment, shares in Thyssenkrupp have fallen 37%.

Cevian has for years tried to convince management that the conglomerate's set-up, which includes making submarines, elevators and car parts, is too complex and in need of simplification.

While recent management changes have triggered a de-facto breakup plan for the group, previous leadership has resisted for years calls to seek structural changes for its individual divisions.

Apart from Tischendorf, Bernhard Pellens and Carola von Schmettow will also not stand for re-election on the supervisory board, Thyssenkrupp said.

It has proposed adding Innogy finance chief Bernhard Guenther and Birgit Behrendt, supervisory board member of Ford Werke GmbH, as new members.

(Reporting by Christoph Steitz; Editing by Nick Macfie)

Stocks mentioned in the article
ChangeLast1st jan.
E.ON SE 1.28% 10.458 Delayed Quote.9.81%
INNOGY SE 0.39% 43.46 Delayed Quote.-2.56%
SIEGFRIED HOLDING AG 1.67% 486 Delayed Quote.1.92%
THYSSENKRUPP AG 1.48% 11.315 Delayed Quote.-6.02%
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Financials (EUR)
Sales 2019 35 611 M
EBIT 2019 2 183 M
Net income 2019 846 M
Debt 2019 17 091 M
Yield 2019 2,89%
P/E ratio 2019 28,6x
P/E ratio 2020 25,9x
EV / Sales2019 1,16x
EV / Sales2020 1,18x
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Leonhard Birnbaum Chief Executive Officer
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