Stada makes big board changes

STADA Arzneimittel AG has appointed Engelbert Coster Tjeenk Willink as Chief Executive Officer with immediate effect.

The company also announced that the duties of Chief Financial Officer will be taken over with immediate effect by Dr. Bernhard Düttmann. Today they replace incumbent Chief Executive Officer Dr. Matthias Wiedenfels and Chief Financial, Marketing and Sales Officer Helmut Kraft, who have informed the Supervisory Board that they will step down from their positions with immediate effect for personal reasons.

“The Supervisory Board has been working for many months to complete the Executive Board and to find the best team to make the company fit for the future. Thanks to many discussions with relevant candidates it was possible to bring on board two outstanding executives with a great deal of seniority and experience at short notice. With Engelbert Coster Tjeenk Willink and Dr. Bernhard Düttmann we have brought on board two proven top managers, who will take over the leadership of the company immediately”, said Ferdinand Oetker, Chairman of the Supervisory Board of STADA Arzneimittel AG. “The Supervisory Board of STADA accepts the personal decisions taken by Dr. Wiedenfels and Mr Kraft. On behalf of the company, I would like to thank these Executive Board members for their efforts over the past years”, Oetker added. “Our operational business is unaffected by this, and we do not deviate from our operating and financial targets. Should further takeover offers be made, we will examine and evaluate them impartially.”

Chairman of the Supervisory Board Oetker confirmed that medium-term growth targets for 2019, announced on 17 March 2017, remain unchanged. The company expects consolidated sales of between Euro 2.650 and 2.700 billion, adjusted EBITDA of between Euro 570 and 590 million, and consolidated group profit of between Euro 250 and 270 million.