Munich Osram CFO Ingo Bank changes to the new majority shareholder AMS after the sale of the Munich lighting technology group. The 51-year-old will succeed Michael Wachsler-Markowitsch, who has held the office since 2003, as AMS announced on Friday in Premstätten near Graz.
Wachsler-Markowitsch is to be admitted to the AMS Supervisory Board after a waiting period of two years. Until then, he would work as a consultant for the sensor specialist. “Manager Magazin” had already reported on the upcoming Banks change.
Bank, who has spent most of his professional life at the Dutch Philips group, has been a member of the Osram Executive Board since September 2016. He initially takes on the post at AMS for three years. “The appointment of Ingo Bank to the AMS board is an important step in the future integration of the two companies and ensures continuity in management,” Osram supervisory board chairman Peter Bauer welcomed the appointment. Banks position at Osram temporarily takes over CEO Olaf Berlien, as the traditional company announced.
In the merger agreement, AMS had promised to appoint an Osram manager to its own board and to let a board work from Munich. The Austrians hold almost 60 percent of Osram, but are still waiting for the approval of most antitrust authorities for the 4.6 billion euro takeover, which had been preceded by a tug of war for months.
AMS confirmed its forecasts for the current first quarter. The corona virus crisis did not change expectations, the company said. As planned, sales will be between $ 480 and 520 million, and the adjusted operating return on sales (EBIT margin) will be between 19 and 21 percent. The AMS share has lost more than a quarter of its value since the beginning of the year; on Friday alone, it lost 4.7 percent on the Swiss stock exchange to CHF 29.01.
More: A basis of trust between AMS and Osram has not yet been created, says Axel Höpner.