November 2, 2018 / 5:00 PM / 10 months ago

UPDATE 1-Artificial limb maker Ottobock ousts CEO after 10 months

* Ottobock ousts CEO Oliver Scheel

* Company CFO to take over Scheel’s tasks

* Ottobock still eyes plans for an IPO (Adds comment, background)

By Caroline Copley

BERLIN, Nov 2 (Reuters) - German artificial limb maker Ottobock IPO-OBH.F on Friday dismissed its chief executive Oliver Scheel after just 10 months in the job, installing the company’s chief financial officer as interim boss.

Scheel, a partner at advisory firm A.T. Kearney before joining Ottobock in January, had a mandate to prepare the 99-year old German company for a possible stock market listing.

“The board of directors under the leadership of Professor Hans Georg Naeder have decided to recall the appointment of Oliver Scheel as chief executive,” Ottobock said in a short statement.

Scheel could not be reached for comment.

Ottobock said Philipp Schulte-Noelle, who joined as chief financial officer in August from German healthcare company Fresenius, would take over Scheel’s duties.

Hans Georg Naeder, grandson of the company’s eponymous founder, sold a 20 percent stake to Swedish private equity firm EQT last year, as a way to get an independent valuation for the company before tapping other investors for cash.

“We thank Oliver Scheel for his engagement and for push-starting the process for Ottobock to become an agile company fit for an IPO,” Naeder and fellow director Marcus Brennecke said in a joint statement. Brennecke represents EQT on Ottobock’s supervisory board.

Ottobock said Schulte-Noelle would continue to implement the company’s strategy. (Reporting by Caroline Copley Editing by Edward Taylor and Louise Heavens)

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