Valora intends to divest units
Press Release: The Valora Group's Board of Directors is implementing a new strategy for the company.
Press distribution The Valora Group's Board of Directors has given the company a new strategy. Having lost confidence in Reto Hartmann "due to serious overstepping of competencies", the Valora Board of Directors has replaced the previous CEO with Marketing Director Peter Wüest (50). According to the communiqué, the decision was taken unanimously. At a telephone press conference on June 11, Valora Chairman Peter Küpfer declined to comment on the accusations directed at Hartmann. Following the announcement of the dismissal, Valora shares rose by 18.7 percent by the close of trading.
Wüest, who has only been a member of Valora's Group Executive Management since March 1, 2003, was previously a member of the Executive Board of the Nuance Group. Josef Jungo, formerly Managing Director of the K-Group and currently Head of the Valora Retail division, has been appointed Deputy CEO.
In addition, the BoD also made a change in the company's strategic direction - "to ensure sustainable profitability and to regain the earnings power of 2001", as the communiqué put it. According to the statement, Valora is to concentrate on internal growth and forego external growth. In any case, Wüest announced that no new acquisitions would be made in the next 18 to 24 months. In addition, parts of the business that are not required will be sold. No details were given as to which parts of the business would be sold, but it is clear that Valora will retain its Retail and Trade divisions.
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Wüest, who has only been a member of Valora's Group Executive Management since March 1, 2003, was previously a member of the Executive Board of the Nuance Group. Josef Jungo, formerly Managing Director of the K-Group and currently Head of the Valora Retail division, has been appointed Deputy CEO.
In addition, the BoD also made a change in the company's strategic direction - "to ensure sustainable profitability and to regain the earnings power of 2001", as the communiqué put it. According to the statement, Valora is to concentrate on internal growth and forego external growth. In any case, Wüest announced that no new acquisitions would be made in the next 18 to 24 months. In addition, parts of the business that are not required will be sold. No details were given as to which parts of the business would be sold, but it is clear that Valora will retain its Retail and Trade divisions.
(mk)
