Oldenburg-based photo services provider Cewe is parting ways with its Chairman of the Management Board, Dr. Christian Friege, at the end of the year. The company announced that a majority of the Board of Trustees of the Neumüller Cewe Color Foundation had voted against extending the contract beyond December 31, 2022. The reason given for this decision is differing views on corporate governance.
Dr. Christian Friege first joined Cewe Stiftung & Co KGaA in January 2016 as the member of the Executive Board responsible for national and international sales, and in July 2017 took over as Chairman of the Executive Board from Dr. Rolf Hollander, who is now Chairman of the Board of Trustees of the Neumüller Cewe Color Foundation. It is not yet known who will succeed Friege from January 2023. Both sides are said to have assured each other of a smooth handover and continuity in management.
Both the Supervisory Board and the heirs of company founder Heinz Neumüller, who are Cewe’s largest shareholder with 27.1%, would have welcomed a contract extension, according to a statement sent to investors. In it, they thanked Dr. Christian Friege for his commitment, which had significantly shaped the positive development of the company and its earnings.
Dividend increase planned
The detailed annual report will not be officially published until the end of March, but preliminary, non-audited figures are already available. According to the report, Cewe did close the 2021 financial year with a slightly lower operating result (EBIT) than in 2020 (from EUR 79.7 million to EUR 72.2 million). Compared to 2019, however, EBIT recorded an increase of almost 27%. The “Commercial Online Printing” business unit also achieved the turnaround in 2021, it says. On the basis of this overall positive development, the company also plans – subject to the approval of the supervisory board and shareholders – to increase its dividend for the 13th time in succession.