Stada Arz board shakeup as chairman ousted

29 August 2016

The supervisory board of German generic drugmaker Stada Arzneimittel (SAZ: Xetra) on Saturday elected Carl-Ferdinand Oetker as new chairman of the board.

At the Stada shareholder meeting on Friday it was resolved with 55.98% of the votes cast to remove the chairman of the supervisory board Dr Martin Abend as a member of the company’s supervisory board with effect as of the conclusion of the shareholder meeting on 26 August 2016.

Activist investor Active Ownership Capital (AOC), which holds a 7% stake in Stada, succeeded in convincing shareholders to remove the German drugmaker's supervisory board chairman in a voting marathon, but failed to install its candidate in the post.

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