Photo service provider Cewe has to look for a new chief: the company will not extend the contract with its former CEO. The company’s heirs would have liked to keep it.
The Cewe Foundation is separating from CEO Christian Frigg. The contract will not be extended beyond December 31, 2022 due to differing views of the company’s management, said the Chairman of the Neumüller Cewe Color Foundation’s Board of Trustees, Rolf Hollander, Thursday evening in Oldenburg.
As a personally responsible partner, the Neumüller Cewe Color Foundation manages the listed business of Cewe Foundation & Co KGaA It also decides the composition of the board of directors. On the other hand, the company’s supervisory board and the heirs of the founder of the company would have liked to keep Frej.
“We would have strongly supported the contract extension,” the board wrote in a separate statement. Frej had a significant impact on the company’s positive development and profits. The cooperation between the supervisory body and the board of directors led by Frej has always been open, trust and respectful.
The Board of Trustees did not agree
The heirs of the company’s founder, Heinz Neumüller, agreed: “Dr Frigg had our full confidence at all times and we would have welcomed the extension of the contract.” The heirs are the company’s largest shareholder with about 27 percent of the shares.
The Neumüller Cewe Color Foundation’s Board of Trustees did not fully agree with the decision against Frigg. Hollander’s president reported the majority decision.
According to the information, it has not yet been decided who will succeed the director. The Board of Trustees said in a statement that Freej offered to “ensure continuity in the management and enable smooth delivery.”