Lufthansa chief to step down for Roche pharmaceuticals
By Simon Morgan, AFPFRANKFURT--The head of German airline Lufthansa, Christoph Franz, will step down at the end of his current contract in May 2014 to head the board of directors at Roche pharmaceutical group, the companies announced on Monday.
September 17, 2013, 12:08 am TWN
“Christoph Franz has informed Deutsche Lufthansa AG that he is not available for an extension of his contract as chairman of the executive board and CEO,” Lufthansa said in a statement.
Switzerland's Roche said in a statement that Franz has been nominated to succeed its chief Franz Humer, who plans to retire early next year.
Roche said Franz would be proposed formally to its shareholders at the group's annual meeting on March 4.
Franz said he was “delighted” to be joining the Basel-based giant.
“Roche is an outstanding company. As a board member I have had ample opportunity to get to know and admire its strong business performance and corporate culture. Strategically, Roche is in very good shape, and I am looking forward to taking on this opportunity.”
Humer, a 67-year-old Austrian and Swiss dual citizen, has been with Roche since 1995.
He became chief operating officer in 1998 and chairman in 2001.
Humer lauded 53-year-old Franz, saying that Roche was “getting a chairman with outstanding personal qualities and an impressive record as head of a major global company.”
Swiss-based analysts Helvea echoed that, saying Franz's track record was crucial and that “the proposed election looks to be positive for Roche's future.”