VIENNA, Aug 23 (Reuters) - Zumtobel’s two top executives have quit over differences with the board over strategy and will be replaced by former Infineon Chief Executive Ulrich Schumacher.
Austrian lighting group Zumtobel has struggled to implement a switch to LED from conventional lighting and abandoned its latest financial forecasts in June after a profit warning in March.
“It emerged that the two board members and the supervisory board held different views on the operational implementation of the global growth strategy during the important phase of the technology shift to LEDs,” Zumtobel said late on Thursday.
The company said it had accepted the resignations of CEO Harald Sommerer and Chief Financial Officer Mathias Dahn effective Sept. 30.
Schumacher, who was CEO of German chipmaker Infineon from 1996 to 2004, will initially take over both functions until a new CFO is found.
Schumacher was known for a ruthless and energetic management style and had planned a thorough restructuring of Infineon, including firing 10 percent of the company’s lowest performers before he was pushed out during tough times for the industry.
The sports car racing fanatic led Infineon through its stock market debut in 1999.
Reporting by Georgina Prodhan; Editing by David Goodman