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US Varta extends contract with CEO Schein - Varta share drops in double digits

12:20  22 october  2020
12:20  22 october  2020 Source:   finanzen.net

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VARTA -Platz 1 73479 Ellwangen Germany Phone: +49 (0) 7961 921 - 0 Contact. Chairman of the Supervisory Board: Dr. Dr. Michael Tojner Executive Board: Herbert Schein ( CEO ), Steffen Munz (CFO) Registered Office: Ellwangen Registered Number

Herbert Schein , CEO of VARTA AG: "The very strong results in the first quarter of 2019 confirm our outstanding position as a technology and market leader in our structurally VARTA AG continues to fund the investments in capacity expansion from the cash flow generated from the operating activities.

Varta AG wants to keep CEO Herbert Schein on board until 2026.

PHILIPPE HUGUEN/AFP/Getty Images © Provided by Finanz.net PHILIPPE HUGUEN / AFP / Getty Images

The battery manufacturer's board of directors extended the 55-year-old's contract prematurely after CFO Steffen Munz recently announced his retirement at the end of the year. Supervisory board chairman Michael Tojner said that they wanted to set an example for continuity. It also takes into account the very positive development of the past few years. Schein's contract was actually not due for renewal until next year. The manager brought Varta to the stock exchange in 2017. Under his chairmanship, the company became the market leader in small lithium-ion cells.

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VARTA AG, a global expert for microbatteries and market leader for hearing aid batteries as well as for solutions for hearables, power packs and energy storage The Microbatteries and Power & Energy segments again recorded double - digit growth rates", says Herbert Schein , CEO of VARTA AG.

Disposal: In connection with the IPO of Varta AG, VGG GmbH established a stock option program (MSOP) for the benefit of the members of the Management Board and certain employees of VARTA AG and its consolidated subsidiaries. A special feature of this MSOP is that it is funded solely through

Varta shares plummet significantly

After slipping below chart support and the latest interim low at 108.80 euros, the shares of Varta came under heavy pressure on Thursday. In the first hour of trading, the battery company's shares on XETRA fell by over 11 percent to EUR 99.50 and thus remained just above their exponential 200-day line.

stockbrokers primarily blamed automatically triggered sales orders (stop loss) for the pressure. But there were also rumors that a leeward seller is active who is betting on further falling prices in the 2020 value, which has so far been quite good. The price losses have nothing to do with the contract extension announced in the morning by CEO Herbert Schein, it said. FRANKFURT (Dow Jones / dpa-AFX Broker)

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