Fielmann founder transfers stock to prepare succession
FRANKFURT Nov 19 (Reuters) - The founder and chief executive of Fielmann AG will transfer almost a quarter of shares in the German optician and glasses retailer to a family foundation as he prepares to cede control to his children.
"Guenther Fielmann... has today announced that in the course of implementing his plans for the company to pass down through the generations he will transfer 24.52 percent of the shares in Fielmann AG from his shareholding to the Fielmann Family Foundation," Fielmann AG said late on Monday.
Fielmann AG, which sold 6.7 million pairs of glasses last year, went public in 1994 but the family still owns 71.3 percent of shares in the company. Guenther Fielmann has said that his son Marc would gradually take on more responsibility in the company to secure a line of succession.
Fielmann also plans to set up a family holding company that will be majority-owned by the foundation to "future-proof" Fielmann AG's shareholder structure, the company said. (Reporting by Maria Sheahan; Editing by David Cowell)