DGAP-News: Hess AG / Key word(s): Legal Matter/Change of Personnel Hess AG: Management Changes at Hess AG 21.01.2013 / 21:47 --------------------------------------------------------------------- Management Changes at Hess AG - Previous Executive Directors removed and Dr. Till Becker appointed as Executive Director - Suspicions regarding breaches of accounting regulations to be comprehensively investigated in a prompt special audit Villingen-Schwenningen, January 21, 2013 - Effective immediately, the Supervisory Board of Hess AG has removed the Executive Directors of the Company, Mr. Christoph Hess, CEO and Mr. Peter Ziegler, CFO. This decision was adopted unanimously at today's extraordinary meeting of the Supervisory Board. Internal audits of Hess AG had resulted in suspicions of breaches of accounting regulations with knowledge of the Executive Directors. These could have possibly led to an overstatement of the Company's financial position, net assets, and results of operations in years 2011 and 2012. The Supervisory Board called for a prompt economic and legal special audit to be conducted by independent external auditors and lawyers. The purpose of this special audit is to determine the exact extent of possible damages for the Company and to determine possible existing claims. At the same time, the Supervisory Board appointed Dr. Till Becker, 55, as new Executive Director, effective immediately. Mr. Becker will promptly assume his position in Villingen-Schwenningen. Mr. Becker, who holds a doctorate in law, was a consultant and interim manager at several companies in the automobile, consumer goods, and energy industries over the last few years and has held numerous supervisory board mandates. Prior to this, he was a manager at DaimlerChrysler AG for more than 20 years, with his last position being that of Group Executive Manager for the Northeast Asia region. He has lengthy and international management experience. Tim van Delden, Chairman of the Supervisory Board stated: 'With Mr. Dr. Becker, we have been able to attract an outstanding and experienced manager with an international profile. We are confident that Mr. Dr. Becker, with his experience and resolute manner, will be successful, together with the Supervisory Board, in expediting a clarification and with that return the company to smoother waters'. For queries: Sandra Haus, Head of Corporate Communications Tel: +49 7721 920 466 Fax: +49 7721 920 771466 Mobil: +49 151 14275119 mailto: Sandra.Haus@hess.eu About Hess Hess AG (Ticker symbol: HEAG) headquartered in Villingen-Schwenningen, Baden-Württemberg, Germany, is an internationally established supplier of exterior and architectural lighting with its subsidiaries Vulkan GmbH and emdelight GmbH which was acquired in March 2012. Energy-efficient luminaries using modular LED technology are a focus of Hess AG. Hess products are sold in more 50 countries worldwide, with a growing presence in the main lighting markets of Europe, Asia, Middle East, and North America. The company has three manufacturing sites in Germany and the USA. In addition, Hess has final assembly capacity in Japan and China. In the first half of 2012, Hess employed 360 employees on average. Further information can be found at www.hess.eu. End of Corporate News --------------------------------------------------------------------- 21.01.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Hess AG LantwattenstraÃe 22 78050 Villingen-Schwenningen Germany Phone: +49 7721 920 0 Fax: +49 7721 920 250 E-mail: hess@hess.eu Internet: www.hess.eu ISIN: DE000A0N3EJ6 WKN: A0N3EJ Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 199528 21.01.2013
DGAP-News: Hess AG: Management Changes at Hess AG
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