Hugo Boss Chairman to Step Down After Frasers Pressure
Hugo Boss said it will begin the succession process immediately after Stephan Sturm agreed to leave following constructive discussions.
- On Monday, Hugo Boss announced Chairman Stephan Sturm will leave the supervisory board following "constructive discussions" with largest shareholder Frasers Group. Sturm will remain until a successor is elected.
- Frasers increased its ownership stake in the German fashion brand to almost 48% last month, and earlier this month stated it was reviewing whether it supported Sturm as chairman.
- Robert Palmer will join the Hugo Boss supervisory board as a second representative from Frasers, while Chief Executive Michael Murray already serves on the board.
- A failed takeover bid preceded these tensions; Frasers offered around 1.98 billion euro for the business, which Hugo Boss management called "inadequate from a financial point of view."
- Hugo Boss has immediately launched the succession process to appoint Sturm's replacement, with the chairman stepping down from the board on October 15 while continuing to serve until a successor is named.
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The British retailer Frasers wants control of the fashion brand from Baden-Württemberg. Now the head of the Supervisory Board goes, who tried to prevent the takeover always.
Hugo Boss president Stephan Sturm has announced that he will leave his position in the company as of October 15, after Frasers Group, controlled by tycoon Mike Ashley, took a 47.89% stake in the firm before the public takeover bid launched on the company ... Continue reading "The president of Hugo Boss leaves office after Frasers Group's advance in shareholdership"
The president of Hugo Boss, Stephan Sturm, will leave office in the company from October 15, after Frasers Group has acquired a stake of 47.89% in the company through a public offer of acquisition.
Mounting pressure by Frasers Group leads to chairman's resignation at Hugo Boss - RetailDetail EU
Stephan Sturm, chairman of the Hugo Boss board of directors, is stepping down after just over a year. He is doing so under pressure from the German fashion house’s largest shareholder, the Frasers Group, owned by British entrepreneur Mike Ashley.
The British major shareholder Frasers is working on a takeover of the German fashion company Hugo Boss.
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