BAUER AG CEO Michael Stomberg Departs Company
BAUER AG's Chairman of the Executive Board Michael Stomberg and the Supervisory Board have mutually agreed to his resignation. Stomberg will leave his position effective March 15, 2023.
BAUER AG announced that its Chief Executive Officer, Michael Stomberg, is stepping down. Stomberg and the company's Supervisory Board have agreed to a mutual separation, with his term as a board member ending on March 15, 2023.
Stomberg's departure follows a series of significant announcements from the company, including the suspension of a planned capital increase due to legal disputes, and a subsequent legal settlement with plaintiffs. The company also reported significant impacts on earnings due to necessary asset impairments and the winding up of subsidiaries.
BAUER AG has also received a mandatory offer from SD Thesaurus GmbH. The company completed a capital increase in March 2023, after which SD Thesaurus GmbH directly held 12,000,000 no-par value shares of Bauer AG.
The company has faced financial challenges recently, leading to adjustments in its earnings forecast for 2022 and its 2021 outlook. BAUER AG's shares have not been listed since the end of June 2023.
BAUER AG operates as a diversified group focused on the construction, energy, and resources sectors, known for its specialized foundation engineering equipment and services.