Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Xetra  >  Deutsche Lufthansa AG    LHA   DE0008232125

End-of-day quote. End-of-day quote  - 04/29
13.56 EUR   -5.60%
04/29 DEUTSCHE LUFTHA : Publication pursuant to section 26 (1) WpHG
04/29 DEUTSCHE LUFTHA : Lufthansa on a good track after difficult year
04/29 DEUTSCHE LUFTHA : ex-dividend day for annual dividend
News SummaryMost relevantAll newsSector news 

Lufthansa Appoints Simone Menne As Successor To CFO Gemkow

share with twitter share with LinkedIn share with facebook
share via e-mail
05/07/2012 | 06:47pm CEST
    By Jan Hromadko 

German flagship airline Deutsche Lufthansa AG (>> Deutsche Lufthansa AG) said Monday its supervisory board has appointed Simone Menne as successor to Chief Financial Officer Stephan Gemkow, who will become chief executive of German closely-held investment firm Franz Haniel & Cie. GmbH.

Lufthansa in a statement said that the appointment of Menne will become effective July 1. Her contract will be valid for an initial three years, the company added.

Menne--who joined Lufthansa in 1989--will be the first woman on Lufthansa's executive board, amid an ongoing public debate in Germany that more female officials should represent large corporations on top management level.

She most recently served as finance chief of British Midland Ltd, or bmi, the loss-making U.K. carrier Lufthansa has agreed to sell to British Airways and Iberia parent International Consolidated Airlines Group (>> International Consolidated Airlines Grp).

The change of CFO at Lufthansa comes amid a drastic cost cutting drive at the company in an effort to mitigate high fuel prices and tough competition.

The German airline group, which carried 100 million passengers for the first time in 2011, has said it intends to reduce purchasing, administrative, and payroll costs as part of a EUR1.5 billion three-year savings plan.

It has said that its profitability needs to be increased dramatically to ensure it can finance future growth without risking its credit ratings by taking on huge amounts of debt.

Last week, Lufthansa said it will cut 3,500 administrative jobs globally as part of these cost cuts.

Lufthansa had earlier this month said that Gemkow requested the early termination of his contract--which would have expired on May 31, 2014--to join investment firm Haniel, the company that owns a majority stake in Germany's largest retailer, Metro AG (>> METRO AG).

-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503; jan.hromadko@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
React to this article
04/29 DEUTSCHE LUFTHANSA : Publication pursuant to section 26 (1) WpHG
04/29 DEUTSCHE LUFTHANSA : Lufthansa on a good track after difficult year
04/29 DEUTSCHE LUFTHANSA AG : ex-dividend day
04/29 DEUTSCHE LUFTHANSA AG : ex-dividend day for annual dividend
04/28 Lufthansa CEO eyes airline mergers in Europe
04/28 DEUTSCHE LUFTHANSA : Lufthansa AGM shareholders approve all agenda items
04/28DEUTSCHE LUFTHANSA AG : quaterly earnings release
04/28 DEUTSCHE LUFTHANSA : Lufthansa draws positives at its Annual General Meeting aft..
04/27 Lufthansa says looking to bring Brussels Airlines into Eurowings
04/27 DEUTSCHE LUFTHANSA : Full acquisition of Brussels Airlines not before September ..
News chart
Full-screen chart
Income Statement Evolution
More Financials