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Entertainment Erich Sixt takes off: The Sixt sons take over the rental car Empire

20:00  16 june  2021
20:00  16 june  2021 Source:   tagesspiegel.de

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After 50 years there is a change at the top of Germany's largest car rental company. The heirs take over in a difficult time.

Vierte Generation. Alexander und Konstantin folgen auf Vater Erich (von re.). © Balk / DPA Fourth Generation. Alexander and Konstantin follow Father Erich (from Re.).

Generational Change at the top of Germany's largest car rental company: One week before his 77th birthday, CEO Erich Sixt has handed over the tax on his two sons Alexander and Konstantin on Wednesday. As a duo, they want to digitize the family group in fourth generation and make the world's most profitable car rental company. Erich Sixt wants to look at the fingers as a new supervisory board.

On the short virtual general meeting, the change of leadership fell soberly from . In normal times Erich Sixt would have been celebrated safely. "He embodied the company. He did it all and not forgotten the small shareholders, "said Daniela Bergdolt of the German Protection Association for Securities Ownership. The shareholders had sung with him a "ode to the joy of the dividend". His mockery about competitors and politicians, his suggestions for new advertising like Angela Merkel's storm hairstyle in the convertible always provided entertainment.

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"It's time to pass the rudder," said Erich Sixt at his last working day as a corporate chief. Half a century long stood at the top. As a 25-year-old, in 1969 he had taken over the taxi and rental company of his diseased father with 200 vehicles and made to a listed group, of the ever black numbers wrote . Even in the crisis year 2020, when sales increased from 2.5 million euros to 1.5 billion euros, a profit of two million euros was under the dash, while competitor Hertz insolvency registered and avis and Europcar made more than 500 million euros loss.

Five Cent Dividend for Preferred Actions

The Söhne take over the tax in the Corona crisis . "A forecast is impossible at the moment," Erich Sixt emphasized. At the airports the business travelers are missing, but in the holiday regions the demand for rental car increases. In the USA, she was almost at the level of 2019. Also in Europe, the business is involved. "When the Lufthansa Jumbos sends to Mallorca, you see where the journey goes," Erich Sixt said. "When it goes on, we will have a very pleasing summer." The company stall his heavily reduced fleet. The prices could increase significantly. The short-time work is ended at the end of June, Konstantin Sixt said.

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For the preferred shareholders, there are five cents dividend per share according to the Annual General Meeting, nothing for the tribal shareholders. The Sixt family holds 58 percent of the voting ordinary shares. Father Sixt as a supervisor of his sons: "Is that meaningful?" Daniel Bauer asked about the Protective community of investors. "Our father is our highest critic," Alexander Sixt replied.

"I'm up to Mountains"

Bergdolt said, "actually the hair to mountains" in a direct change from the board to the Supervisory Board: "It is not so easy to give the tax from the hand and only monitor to be allowed. And things that have run wrong, now to be called wrong. "But because of his life performance" I assume that he makes it good in the future ".

The Chief Financial Officer and the Fleet Park Chief of Sixt SEM have just been re-appointed, created the Board of Management Van & Truck - but the brothers Sixt are already a well-rehearsed team. Both studied in London and Paris business administration, both have been in the Board since 2015: the 42-year-old Alexander Sixt as responsible for strategy, purchasing and staff, his 38-year-old Brother Konstantin as an e-commerce and distribution board.

A revolution was not planned, both had already emphasized several times. Like her father, she also focuses on the US as the greatest hope for growth. The market is huge, the competition struck there. (dpa)

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