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.