Beiersdorf ceo heidenreich leaves after successful tenure
The head of the beiersdorf nivea group, stefan F. Heidenreich, will leave the company at the end of next year at the latest.
He had reached an amicable agreement with the supervisory board not to extend his contract, which had run until then, the company announced in hamburg. If the supervisory board appoints a successor, he will step down from office at an earlier date. The news was not well received on the stock market. The dax group’s shares lost 4.9 percent by the afternoon.
Heidenreich, 55, has been chairman of the executive board at beiersdorf since april 2012. He initially focused the company on the global brand nivea and at the same time strengthened the cosmetics brands in the second tier, such as the luxury brand la prairie and the pharmacy brand eucerin. Heidenreich focused on innovative products and clear marketing messages. Beiersdorf is a comparatively small player among the major cosmetics brands and is under intense competitive pressure. Heidenreich nevertheless succeeded in increasing market share against competitors such as L’oreal, unilever, and procter& expanding gamble.
Beiersdorf also invested heavily in its home location of hamburg, where the group is the only stock corporation to play in the top german stock market league. The subsidiary tesa, which is mainly active as a supplier to various industrial sectors, was given new headquarters on the outskirts of hamburg. The beiersdorf headquarters in the middle of a popular residential area close to the city center will be rebuilt by 2021, costing 250 million euros.
Heidenreich was only able to present a new sales record in march when the annual financial statements were presented. The value of the company more than doubled during his seven years in office.
Beiersdorf also tried to dispel the impression of a rift between heidenreich and the hamburger billionaire herz family, which has the say at beiersdorf. The relationship between michael herz and heidenreich has been very good since the beginning of the cooperation, said a spokeswoman. The years at beiersdorf were very successful for heidenreich, but also very demanding. The manager decided to take this step after careful consideration in order to be able to give priority to other things again.
Heidenreich, who comes from northern germany and has also enjoyed success as an athlete, joined beiersdorf from the swiss food group hero. At first, he seemed to take little pleasure in his public duties as CEO of a stock corporation; a financial press conference, including questions, could last less than half an hour.
There has been repeated criticism from independent shareholders of the company’s dividend policy, because the dividend has remained nailed down at 70 cents per share for almost ten years, despite rising profits. But that is not heidenreich’s fault. The dividend is ultimately determined by the herz family. As a result, beiersdorf is debt-free and has a war chest of four billion euros, so that it has also been able to make large-scale acquisitions. But that will probably be the task of heidenreich’s successor.
RELATED POSTS
Vw plans new edition of the phaeton luxury sedan The chemnitz daily newspaper freie presse had reported on this on wednesday. However, the company rejected information that the new phaeton is to roll… |
In neufang, young and young-at-heart sang music at the action day The local kindergarten was a guest at the senior citizens’ group neufang. Together, the music in bavaria day of action was a success celebrated. There… |
Tiktok chief resigns after a few months Tiktok boss kevin mayer throws in the towel after just a few months at the popular video app, which has come under political pressure from the weiben… |
Rannungers are a happy kickboxing family We kickboxers may be opponents on the mat, but off the mat we are often on friendly terms, says volz, who works at ZF, explains holger volz, organizer of… |