GÖTTINGEN (dpa-AFX) - The pharmaceutical and laboratory equipment supplier Sartorius has to start looking for a new CEO. The long-standing CEO Joachim Kreuzburg is not seeking to extend his contract due to his personal life plans, the DAX-listed company announced in Gottingen on Tuesday. However, he will complete his contract, which runs until November 2025.

"The Supervisory Board will now calmly and carefully initiate a succession process," announced the Chairman of the Supervisory Board, Lothar Kappich. At the same time, he regretted Kreuzburg's withdrawal. Sartorius owed him "an extraordinary amount".

Kreuzburg has headed the Sartorius Executive Board since 2003. Under his leadership, the company was promoted to the leading DAX index of Germany's largest listed companies in 2021. During the coronavirus pandemic, the pharmaceutical and laboratory equipment supplier significantly expanded its business.

He wants to "have more freedom and time for new topics and projects in the future", said 59-year-old Kreuzburg according to the press release. He does not want to take on a top operational role at another company.

Sartorius shares reacted to the departure of the CEO with price fluctuations. A new low since March 2020 was followed by a turn into positive territory and now another low of around 200 euros.

Borsians emphasize that the farewell has nothing to do with the course of business. However, it is expected that Sartorius will publish key data before the half-year results due in mid-July.

Compared to the Capital Markets Day, there were no new business signals, wrote analyst Matthew Weston from the major Swiss bank UBS after the short conference call. Kreuzburg expects a smooth transition, regardless of whether an internal or external solution is found by the Supervisory Board./mne/fjo/nas/jha/