Loewe AG / Key word(s): Change of Personnel
06.11.2012 23:38
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Kronach, November 6, 2012. - Oliver Seidl (age 49) announced today that he
will resign from his position as Chairman of the Executive Board of Loewe
AG by mutual agreement with the Loewe Supervisory Board, effective March
31, 2013, in order to pursue new opportunities. The Supervisory Board
thanks Oliver Seidl for his many years of dedicated service. Oliver Seidl,
graduate economist, held the position of Chief Financial Officer from 2006
to 2010 with responsibility for finance, controlling, human resources, IT,
internal audit and investor relations. In 2010, Seidl was appointed as
Chairman of the Executive Board and also assumed responsibility for
marketing and sales as well as customer service, quality and press/PR.
Oliver Seidl successfully laid the groundwork for the strategic realignment
of the Company.
Today, the Loewe Supervisory Board appointed Matthias Harsch (age 47) to
the Executive Board of Loewe AG. Effective March 1, 2013 at the latest, he
will take over management of the central divisions of marketing and sales
from Oliver Seidl as Chairman of the Executive Board. Matthias Harsch has
served as Managing Director for the Bizerba Group since 2003. As
management spokesman, he was responsible for, among other things, global
sales and marketing, the global growth and profit improvement programs as
well as Bizerba's China operations.
The Loewe Supervisory Board is also in the final stages of selecting a new
Chief Financial Officer. Until a new CFO is appointed, Oliver Seidl will
continue to serve as the Chief Financial Officer of Loewe AG. Dr. Detlef
Teichner will continue to serve as Chief Technology Officer for Loewe AG.
The preliminary key figures for the first nine months of 2012 published in
the ad hoc announcement of October 1, 2012 have been confirmed. In the
first nine months of 2012, Loewe Group sales declined by 7% from EUR 186.1
million in the first nine months of 2011 to EUR 173.0 million. While the
value of the market for LCD TVs in Europe declined by 7% in the first nine
months of 2012, the market weakness has now also strained Loewe's business
in Germany, especially in the third quarter of 2012 with a 7% decline in
sales in the third quarter of 2012, and the trend in other markets such as
Belgium (-24%) and France (-23%) has been even more negative. In this
market environment, Loewe Group sales decreased by 30% to EUR 47.4 million
in the third quarter of 2012 compared to the third quarter of 2011. The
lower sales and production volume caused Loewe to post an EBIT loss of EUR
8.9 million in the third quarter of 2012 after an EBIT loss of EUR 3.9
million in the same period in 2011. EBIT thus came to a loss of EUR 11.1
million in the first nine months of 2012, down from an EBIT loss of EUR
11.7 million in 2011.
---------------------------------------------------------------------------
Information and Explaination of the Issuer to this News:
For further details, please contact:
Loewe AG
Industriestrasse 11
96317 Kronach, Germany
Investor Relations, Axel Gentzsch
Phone: +49 (0)9261 99-240
Fax: +49 (0)9261 99-994
Email: axel.gentzsch@loewe.de
Public Relations, Dr. Roland Raithel
Phone: +49 (0)9261 99-217
Fax: +49 (0)9261 99-444
Email: roland.raithel@loewe.de
06.11.2012 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: Loewe AG
Industriestrasse 11
96317 Kronach
Germany
Phone: +49 (0)9261 99-984
Fax: +49 (0)9261 99-994
E-mail: ir@loewe.de
Internet: www.loewe.de
ISIN: DE0006494107
WKN: 649410
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
DGAP-Adhoc: Loewe AG: Change in Executive Board of Loewe AG
| Source: EQS Group AG