Stada Arz CEO and CFO quit, after takeover failure
Following swiftly on last week’s shareholders rejected takeover bid for Stada Arzneimittel (SAZ: Xetra) by private equity firms Bain Capital and Cinven, two of the companies top executives have proffered their resignations.
The news was seemingly welcomed by investors, as Stada’s shares moved up 2.37% to 63.99 euros by late afternoon trading today.
Chief executive Dr Matthias Wiedenfels and chief financial, marketing and sales officer Helmut Kraft have informed the supervisory board that they will step down from their positions with immediate effect for personal reasons. Dr Wiedenfels is also resigning from office as chairman and member of the executive board of the company.
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