Contract of SAP CEO Christian Klein extended until 2028

WALLDORF - The Supervisory Board of SAP has extended the contract of Group CEO Christian Klein by three years until April 2028. This was announced by Europe's largest software manufacturer on Monday in Walldorf. The 44-year-old has been the sole CEO of the DAX-listed company since April 2020. Klein previously held several management positions at SAP. He became a member of the Executive Board in 2018 and headed SAP for a few months from fall 2019 in a dual leadership role with Jennifer Morgan. Klein's contract would have expired in 2025.

Mercedes manager becomes new Aurubis CFO

HAMBURG - The copper group Aurubis has found a new CFO. Mercedes Benz manager Steffen Hoffmann will take over the finance department from Rainer Verhoeven when he joins the company on October 1, 2024, the MDax group announced in Hamburg on Monday. Most recently, the 54-year-old Hoffmann was responsible for Treasury and Investor Relations at Mercedes-Benz Group AG in Stuttgart. As announced in January, Verhoeven will leave the company at the end of June.

ROUNDUP/Further turmoil at Flatexdegiro: Fortsch wants to join the Supervisory Board

FRANKFURT - Even after the departure of CEO Frank Niehage, a turbulent Annual General Meeting is looming at online broker Flatexdegiro. This is because major shareholder Bernd Fortsch now wants to join the Supervisory Board himself - and have its Chairman Martin Korbmacher recalled. Fortsch's company GfBk Gesellschaft für Borsenkommunikation submitted a corresponding motion for the shareholders' meeting on June 4. However, the news did not trigger any major reactions on the stock market.

US telecom equipment supplier Adtran Holdings with high goodwill impairment

HUNTSVILLE - The US telecom equipment supplier Adtran Holdings will probably have to write off goodwill in the three-digit million euro range. The parent company of Adtran Networks announced on Saturday night that a non-cash impairment of around 293 million US dollars (272.5 million euros) is expected for the so-called goodwill, which is exclusively attributable to the Network Solutions segment. The impairment would lead to an increased operating loss of the same amount in the first quarter. However, the forecast for the operating margin adjusted for special effects for the period remains unchanged.

Maersk: Up to 20 percent less capacity due to situation in the Red Sea

KOPENHAGEN - The shipping giant Maersk is expecting an industry-wide loss in freight capacity of 15 to 20 percent between the Far East and Europe in the second quarter due to the difficult security situation in the Red Sea. This was announced by the Danish shipping company on Monday.

Biontech starts the financial year with a loss - focus on oncology

MAINZ - Mainz-based vaccine manufacturer Biontech has started the 2024 financial year with a loss. The bottom line was a net loss of 315.1 million euros in the first quarter after a profit of 502.2 million in the same period of the previous year, as the company announced in Mainz on Monday. Turnover slumped from 1.27 billion euros in the first quarter of 2023 to 187.6 million euros.

Berkshire Hathaway's cash reserves continue to grow

OMAHA - Legendary US investor Warren Buffett is unable to find any attractive investment properties and is increasing his holding company's reserves to record levels. At the end of the last quarter, Berkshire Hathaway had around 189 billion dollars (175.5 billion euros) in cash and short-term government bonds at its disposal. At the annual shareholders' meeting in Omaha on Saturday, Buffett said it was likely that the reserves would break the 200 billion dollar mark after the current quarter.

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