Breaking News – Lufthansa Finance Chief Quits After 22 Years: Bloomberg

Posted: April 25, 2012 in Airlines, Aviation & Airports (General News), Germany
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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.

The Executive Board of Deutsche Lufthansa AG in fiscal year 2010: (from left): Stefan Lauer, Wolfgang Mayrhuber, Christoph Franz, Stephan Gemkow

The Executive Board of Deutsche Lufthansa AG in fiscal year 2010: (from left): Stefan Lauer, Wolfgang Mayrhuber, Christoph Franz, Stephan Gemkow

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….

Read the rest of the story at Bloomberg…..


Alex Webb & Julie Cruz in Frankfurt
Bloomberg – 25th April, 2012


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