Adler Group S.A.: Chairman of the Board of Directors Stefan Kirsten resigns from office for health reasons
EQS-News: Adler Group S.A. / Key word(s): Personnel PRESS RELEASE
Adler Group S.A.: Chairman of the Board of Directors Stefan Kirsten resigns from office for health reasons • Prof Dr A. Stefan Kirsten: Adler Group is stabilised and can determine its own future, albeit in an extremely difficult market environment. But the path to the future will be a challenging one that requires the full commitment of the management and the Board, which I can no longer provide if I don't want to jeopardise my health in the long term. • New Chairman Stefan Brendgen: Due to Stefan Kirsten's tireless efforts, Adler Group could be stabilised over the last years. All stakeholders owe him a great deal. Even though we would have liked to keep Stefan on board, health comes first. • CEO Thierry Beaudemoulin: Stefan Kirsten has reorganised Adler Group, implemented modern structures to senior management and set up an expert team of auditors under his leadership. Stefan deserves our sincere gratitude for this, as I personally thank him for the trust he has placed in us. Now it is up to us and the new Chairman Stefan Brendgen to continue along the path we have taken.
Luxembourg 19 February 2024 – Prof Dr A. Stefan Kirsten resigns from his office as Chairman of the Board of Directors of Adler Group S.A. with immediate effect for health reasons and is leaving the Board. This was announced by the company following an extraordinary meeting of the Board of Directors. Stefan Brendgen, member of the Board, will assume the office of Chairman of the Board of Directors with immediate effect. “The decision to step down was anything but easy for me, as I have worked with a great deal of commitment and personal effort over the past two years to preserve Adler Group. Adler is stabilised and can determine its own future, albeit in an extremely difficult market environment,” says Stefan Kirsten. Kirsten continues: “But this path into the future will be a challenging one, which my doctors have advised me not to take if I don't want to jeopardise my health in the long term. And the current market situation will require the full commitment of management and the Board for some time to come, which I can no longer provide.” Regarding the Board of Directors, the outgoing Chairman says: “The Board of Directors has recently been reorganised, as has senior management. Governance has also been aligned with current standards. The fact that Stefan Brendgen is taking over my position makes my decision to step down easier. I wish him and the entire Board well and fortune for the future of Adler.” Adler Group plans to appoint two new members to the Board of Directors at the forthcoming AGM: A successor for Stefan Kirsten and one for Thomas Zinnöcker, who will then leave as planned. Dr Heiner Arnoldi, Stefan Brendgen and Thilo Schmid as well as CEO Thierry Beaudemoulin and CFO Thomas Echelmeyer are currently represented on the Board. Dr Arnoldi, Mr Brendgen and Mr Echelmeyer were newly appointed to the Adler Group Board in June 2023.
The new Chairman of the Board of Directors Stefan Brendgen comments on the change in chairmanship: “Adler Group is on its way to a new normality, but in a difficult market environment. Due to Stefan Kirsten's tireless efforts over the past years, Adler could be stabilised. The company and all stakeholders owe him a great deal. Even though we would have liked to keep Stefan on board, health comes first.”
Thierry Beaudemoulin, who heads the senior management team as CEO, adds: “Stefan Kirsten has reorganised Adler Group and given senior management modern structures. We have clear governance guidelines, good compliance structures and, under his leadership, an expert team of auditors. He deserves our sincere gratitude for this, as I personally thank him for his trust. Now it is up to us and the new Chairman Stefan Brendgen to consistently continue the path we have taken.”
Prof Dr A. Stefan Kirsten was co-opted onto the Adler Group Board on 16 February 2022 and elected Chairman by the Board. At the Annual General Meeting on 29 June 2022, he was elected to the Board by the shareholders for the term of office from 2022 to 2025. During his term of office, which is now ending prematurely, Adler Group has massively reduced its risks, shed its project business, and scaled back its portfolio.
Adler Group invites financial analysts and investors to a conference call at 2.00 pm CET today. The call will be hosted by Stefan Kirsten and Thierry Beaudemoulin. Participants may pre-register and will receive dedicated dial-in details to access the call easily and quickly:
Contact
Investor Relations: T +352 203 342 10 E investorrelations@adler-group.com
19.02.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Adler Group S.A. |
55 Allée Scheffer | |
2520 Luxembourg | |
Luxemburg | |
Phone: | +352 278 456 710 |
Fax: | +352 203 015 00 |
E-mail: | investorrelations@adler-group.com |
Internet: | www.adler-group.com |
ISIN: | LU1250154413 |
WKN: | A14U78 |
Indices: | FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX |
EQS News ID: | 1839497 |
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