Deutsche Lufthansa AG (LHA) Chief Financial Officer Stephan Gemkow will leave the airline to take over as chief executive officer of Franz Haniel & Cie GmbH, ending a 22-year career at Europe’s second-biggest airline.
Gemkow’s appointment at Haniel must still be approved by the company’s supervisory board, Haniel spokesman Dietmar Bochert said by telephone. Lufthansa’s supervisory board will meet May 7 to discuss Gemkow’s departure and consider potential replacements, the Cologne, Germany-based carrier said in a separate statement today.
Since becoming CFO in June 2006, Gemkow administered a cost-saving program between 2008 and 2011 that eliminated 1 billion euros ($1.3 billion) in expenses. Another 1.5 billion-euro profit improvement plan was announced in February.
“It’s clearly a loss, he’s a very good manager,” said Juergen Pieper, a Frankfurt-based Bankhaus Metzler analyst.“Conversely, the big theme at the moment is the restructuring program, and we all know that….