Wacker Neuson: CEO and CFO to step down, on track for worst day in 7 months

Wacker Neuson SE

19/11/2020 08:47

** Shares in Wacker Neuson  WACGn.DE  drop 10.5% after the
German construction equipment maker said on Thursday its CEO
Martin Lehner and CFO Wilfried Trepels are stepping down
 urn:newsml:reuters.com:*:nASN000JLZ
    ** The company announced its CEO Martin Lehner will not
extend his contract and CFO Wilfried Trepels will step down from
his position ahead of schedule
    ** Jefferies says "this comes as a big surprise, especially
given that the firm is currently undergoing substantial
restructuring and still faces headwinds from the global
pandemic" 
    ** Bankhaus Lampe says a "violent crash behind the curtain"
might have happened between the Supervisory board and the major
shareholder on the future strategy of the group, especially in
Americas and Asian markets
    ** It adds the stock should have limited potential until the
new strategy is published
    ** The stock is at the bottom of the German small-cap index
 .SDAXI  and on track for worst day in 7 months  
    

 ((elizaveta.gladun@thomsonreuters.com))