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.
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(END) Dow Jones Newswires