Affichage: Beat Hermann becomes Chief Financial Officer
Affichage's Board of Directors has appointed Beat Hermann as the new CFO. As part of the restructuring of its international portfolio, the company has also sold its subsidiary in Bosnia and Herzegovina to local management.
42-year-old Beat Hermann succeeds Ulrich von Bassewitz, who has left the company. as already announced at the end of March 2012. According to the press release, Hermann has held positions including Director Finance at Sony Music Entertainment (Switzerland) and Senior Corporate Controller at Lindt & Sprüngli. From 2006 to 2011, he was CFO of Ghirardelli Chocolate USA (Lindt & Sprüngli Group). He is currently Group CFO at Hilcona, Schaan. His transfer to Affichage Holding is planned for spring 2012.
Affichage was also able to sell its majority stake of 70 percent in the company Europlakat BH d.o.o. in Sarajevo to the local management, which already holds 30 percent of the share capital. The terms of this transaction provide for the purchase price to be paid in several installments. As planned, Affichage will therefore withdraw completely from Bosnia-Herzegovina and deconsolidate this investment as of December 31, 2011.
In Romania, an agreement was reached in a transaction with the minority shareholder and managing director of the local branches. In this context, Affichage acquires the 30% of shares previously held by the minority shareholder and thus full control of all companies in Romania. At the same time, the previous minority shareholder was granted an option to acquire 100 percent of the shares in all Romanian branches within the period from January 1 to March 31, 2012. This transaction also includes the definitive termination of all pending lawsuits and proceedings. Affichage still intends to withdraw from the Romanian market.
