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The Annual General Meeting of Zumtobel Group AG has dismissed former CEO Ulrich Schumacher during the fiscal year 2017/2018
As announced on Friday, the current three members of the board of directors were Alfred Felder (CEO), Bernard Motzko (COO) and Thomas Tschol (CFO) are relieved, but not Schumacher. The discharge is the approval of the business activities of the Management Board by the shareholders. If they are refused, homeowners often report a loss of confidence.
ORF
Ulrich Schumacher
101 shareholders voted against Schumacher's relief, 80 for and 61 abstained. In addition, the general meeting of shareholders on Friday decided not to pay dividends for the fiscal year 2017/18
Litigation of several million euros
For a long time, Schumacher and his former employer agreed. The former CEO believes that his transfer is unjustified and requires 4.3 million euros, ie. for lost wages and bonuses. In another case pending before the Regional Court of Feldkirch, the Feldkirch Regional Court reports 500,000 euros for the recall of Mr. Schumacher: Four reasons for the replacement of Schumacher: Interruption of the relationship with the chairman of the board of Jürg Zumtobel supervision, Schumacher garage large-scale private garage lighting in Germany on company costs, invoiced flight costs and about 20 concluded without the approval of the Supervisory Board.
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