Author Topic: Nice explanation for firing a CEO...  (Read 2407 times)

MartinWhitman

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Nice explanation for firing a CEO...
« on: February 03, 2009, 08:37:22 AM »
This company was a go-go stock during the latest stock market hype. Most of their profits resulted from booking badwill as profits from bargain purchses and telling investors this model is sustainable...

Whatever, you probably would have to fire 90% of all CEOs for the reason mentioned in their press release. What a bunch of idiots.





Starnberg, 02.02.2009

Change in ARQUES Industries AG executive board
Dr. Michael Schumann resigns with effect February 28, 2009 / Gisbert Ulmke appointed new CFO

The supervisory board of ARQUES Industries AG (ISIN DE0005156004) and Dr. Michael Schumann today mutually agreed to annul the appointment of Dr. Michael Schumann as chairman of the ARQUES Industries AG executive board with effect February 28, 2009.

Dr. Michael Schumann has been a member of the ARQUES Industries AG executive board since October 1, 2007. He was responsible for the acquisitions department. With effect February 1, 2008, he was appointed chairman of the executive board and in addition took over the finance department.

During his term as chairman of the executive board, Dr. Michael Schumann succeeded in streamlining the ARQUES Industries AG portfolio. He did not succeed in stabilising the share price at an acceptable level. The executive board and the supervisory board believe that the ARQUES Industries AG share is substantially undervalued.

We thank Dr. Michael Schumann for his efforts and achievements in our company and wish him all the very best for the future and success in his further career.

In its meeting today the supervisory board appointed Mr. Gisbert Ulmke, born February 21, 1956, to the executive board for the duration of 3 years. Mr. Ulmke will be responsible for the finance department.

In his career, Mr. Ulmke was chief representative responsible for finances at E.ON AG, Dusseldorf, commercial managing director at E.ON Sales & Trading GmbH, Munich, chief representative responsible for finances at VIAG AG, Munich, treasurer at Schmalbach Lubeca AG, Braunschweig, and is currently shareholder at Standard Metallwerke Holding GmbH, Werl.

The ARQUES Industries AG executive board now comprises:

Felix Frohn-Bernau, Acquisitions and Exit

Bernd Schell, Operations

Gisbert Ulmke, Finances


Partner24

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Re: Nice explanation for firing a CEO...
« Reply #1 on: February 03, 2009, 08:41:19 AM »
"He did not succeed in stabilising the share price at an acceptable level".

That's idiot indeed.