METZINGEN (dpa-AFX) - The chairman of the supervisory board at fashion group Hugo Boss has lost the backing of its largest shareholder. On Friday evening, the company published a mandatory statement containing a declaration from Frasers Group. According to the statement, the investor no longer supports Hugo Boss supervisory board chairman Stephan Sturm. Mr. Sturm had previously informed Frasers Group that he would not wish to continue serving as chairman of the supervisory board at Hugo Boss without their support. With the aim of dismissing Mr. Sturm if necessary and appointing a new chairman, Frasers Group intends to exert influence over the composition of the Hugo Boss supervisory board. The investor, holding a 25 percent stake, is by far the company's largest shareholder.
In a separate statement also released by the fashion group on Friday, the future of its supervisory board chairman was described as secure. "Stephan Sturm stands by his responsibility as chairman of the supervisory board and is firmly committed to continuing in this role," the statement read./he
