Konrad Hummler new Chairman of the Board of Directors of AG für die Neue Zürcher Zeitung
Konrad Hummler has been appointed as the new Chairman of the Board of Directors of AG für die Neue Zürcher Zeitung at the 143rd Annual General Meeting. He succeeds Conrad Meyer, who has stepped down after ten years as Chairman of the Board of Directors.
Hummler has been a partner with unlimited liability of the private bank Wegelin & Co. since 1991 and a member of the Board of Directors of the AG for Neue Zürcher Zeitung since 2001. Board members Franz Steinegger and Bernd Kundrun were also re-elected for a further term of office.
Due to the very positive business performance in the past year, the Annual General Meeting decided to pay a dividend of CHF 2,000 per share as proposed. The registered share of AG für die Neue Zürcher Zeitung, with a price of around CHF 85,000, currently has the highest market value of all listed or over-the-counter equity securities in Switzerland, according to the press release. With a view to improving trading liquidity, the Board of Directors therefore proposed to the Annual General Meeting that the shares be split in a ratio of 1 to 10. This proposal was approved by the shareholders. The restrictions on transferability in accordance with the Articles of Association will not be changed. Following the share split, the share capital of Neue Zürcher Zeitung AG will remain unchanged at CHF 4,000,000, now divided into 40,000 fully paid-up registered shares with a par value of CHF 100 each. The share split will be completed on April 20, 2011.
The other items on the agenda were approved in accordance with the proposals of the Board of Directors.
