German consumer goods group Beiersdorf, the maker of Nivea skin creams, said on Thursday its chief executive Stefan Heidenreich would step down, in the second board resignation this year.
Beiersdorf's supervisory board and Heidenreich have amicably agreed that he will leave when his term ends at the end of 2019, or earlier depending on when a successor is appointed, Beiersdorf said in a statement, without providing further details.
Heidenreich follows finance chief Jesper Andersen, who is leaving the company at the end of the month after the group decided earlier in the year not to extend his contract.
Negative Shares
"We view the management team as a key part of our culture change thesis and view these two resignations within six months as a negative," Morgan Stanley analysts said.
Shares in Beiersdorf turned negative, dropping 4% to a six-week low at €95.46 by 1058 GMT.
Beiersdorf also said its board had discussed the further development of the group's Blue & Beyond strategy, including succession and corporate planning supported by growth investments as from 2019.
It said the discussion was partly in preparation for the annual strategy and planning meetings in September and December.
It also named management board member Stefan De Loecker, currently in charge of the Near East/Americas regions, to take on responsibility for planning and strategy as deputy CEO from 1 July, it said.
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