Reuters logo
Bilfinger CEO quits after second profit warning since June
August 4, 2014 / 5:01 PM / 3 years ago

Bilfinger CEO quits after second profit warning since June

FRANKFURT, Aug 4 (Reuters) - German industrial services and construction group Bilfinger SE said Chief Executive Roland Koch would quit after he took responsibility for a second cut in its 2014 earnings outlook since end-June.

The group now expects adjusted earnings before interest, taxes and amortisation (EBITA) of 340 million euros ($456 million) to 360 million euros, down from a previous target range of 380-400 million announced on June 30, when it had already cut its outlook.

Koch offered to step down on mutually agreed terms, the company said. Koch said in a statement that he was taking responsibility for the two profit warnings.

Herbert Bodner, a supervisory board member and former CEO, will replace Koch on an interim basis, Bilfinger said.

$1 = 0.7456 Euros Reporting by Ludwig Burger; editing by Jane Baird

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below