- The company's prolonged negative business development and the dispute between Dr Ulrich Schumacher and the Supervisory Board, as well as the disagreements within the Management Board in the financial year 2017/2018, resulted in the premature dismissal of Dr Schumacher from his position on the Management Board. After an audit carried out under stock corporation law brought to light several cases of gross negligence by Dr Schumacher, his employment contract was also terminated by the Supervisory and Management Boards with immediate effect. In light of all these events, both bodies were to reach verdicts in these cases reached by that considered the interests of the shareholders and also ensured for the preservation of both shareholders and assets.

Dr Schumacher is taking legal action against both his removal from the Board and the termination of his employment contract in two separate legal proceedings. In both instances, there is an ongoing investigation into whether his dismissal was justified.

At the ordinary general meeting of the Zumtobel Group AG on 27 July 2018, the company explained in detail the reasons for Dr Schumacher's dismissal and answered all resulting questions from the shareholders. In view of the reasons given and the pending legal proceedings, the shareholders voted overwhelmingly against discharging Dr Schumacher of liability.

Some recent media reports have attempted to give a negative view of the company and of certain people linked to the company, and have on occasion even included inaccurate facts and baseless accusations.

The Supervisory Board of the Zumtobel Group AG maintains complete trust in the independent courts and will not be influenced or provoked by such methods.

Zumtobel will make all decisions in the case of Dr Schumacher in line with the applicable legal procedures and the company's shareholders and employees.

If you have any queries, please contact:
 Kunz Schima Wallentin Rechtsanwälte GmbH
Hon Prof. Dr Georg Schima
Porzellangasse 4
1090 Vienna Austria
Tel: +43 (1) 313 74-0, Fax: +43 (1) 313 74-80
office@ksw.at, www.ksw.at

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Zumtobel Group AG published this content on 10 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 August 2018 11:34:08 UTC