Hamburg, 11 February 2009
Herz Families reorganise their holdings
New tasks for maxingvest ag. New executive directors from March 2009.
The mutual agreement concerning the shareholder relationship arrived at by Ingeburg, Michael and Wolfgang Herz and the Joachim Herz Foundation at the end of 2008 clears the path for leading all majority holdings – which to date were managed partly by maxingvest ag and partly by Participia Holding GmbH – in maxingvest ag. The reorganisation takes effect on 1st April 2009.
On 11th February 2009, the supervisory board of maxingvest ag appointed Michael Herz (65) and Thomas Holzgreve (51) as managing directors of the company. The term of office of the current CEO and CFO, Dr. Arno Mahlert (62), ends in mid-May. He will continue to serve the company on various shareholder committees. Yves Müller (39), who has acted as interim executive director of maxingvest ag for the past two years, will concentrate fully on his tasks as Tchibo GmbH’s Chief Financial Officer (CFO) again in future.
The present executive directors will represent the 2008 business year, which they successfully supervised, at the maxingvest ag Annual General Meeting on 25th June 2009.
Until 2008, Thomas Holzgreve was a manager at the family-owned Drägerwerk AG in Lübeck for 25 years, most recently serving as Chief Financial Officer (CFO) of Dräger Safety Engineering and on the Group Executive Committee for seven years.
By reorganising the holding structure, the owning families are re-confirming their responsibilities as owners. The new structure forms the basis for future continuity and prepares the ground for transferring the responsibilities to the third generation of family ownership. This restructuring at the shareholder level is designed to preserve the autonomy of the various companies while also promoting stronger collaboration between them.
maxingvest ag holds 56 % of the outstanding shares in Beiersdorf AG and 100 % of Tchibo GmbH. It also owns several minority holdings and 100 % each of the shares in Libri, Blume 2000 and Books on Demand (BoD). Together with their mother Ingeburg Herz and her Max and Ingeburg Herz Foundation, brothers Wolfgang and Michael and their families own approximately 82.5 % of the shares in maxingvest ag, broken down into equal parts. The remaining 17.5 % of maxingvest ag shares are held by the Joachim Herz Foundation established by their brother Joachim, who died in a tragic accident in 2008. maxingvest ag’s shareholders had come to an agreement before Christmas 2008, ending a decade of discord; in the process, the Joachim Herz Foundation had increased its share.
The restructured group strengthens the autonomous companies on a stable basis, among other things with an equity ratio of over 60 % within the maxingvest group, and net liquidity exceeding a billion euros. Together, the companies in the group employ more than 31,000 people around the world, nearly half of them in Germany.
Beiersdorf AG recently announced that despite the market turbulence, its business performance in 2008 was more successful than in 2007. The wholly-owned Beiersdorf subsidiary tesa, which primarily does business in the industrial sector where it is the world’s No.2, expects that 2008 will be on par with the previous year despite a difficult end-of -year in the segment.
At Tchibo GmbH, the first positive effects of the restructuring became apparent in 2008. Measures taken under the Stärken stärken 2010 programme included drastically reducing surplus stock. Shop revenues grew on the same selling space and the company’s results were above plan.
Libri GmbH is Germany’s leading book wholesaler, the result of systematic building its market share over more than a decade.
Books on Demand GmbH is the country’s No.1 producer of a very small print run.
With 200 shops, Blume 2000 Blumen-Handelsgesellschaft mbH is Germany’s largest chain of flower and plant sellers.
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