DGAP-News: Supervisory Board of CEWE Stiftung & Co. KGaA on the non-renewal of the CEO's contract of Dr. Christian Friege

Supervisory Board of CEWE Stiftung & Co. KGaA on the non-renewal of the CEO's contract of Dr. Christian Friege

Oldenburg, 17 March 2022. The Chairman of the Board of Trustees of the Neumüller CEWE COLOR Stiftung, Dr. Rolf Hollander announced that the Board of Trustees, due to differing opinions on corporate management, with a majority decision, has accepted the Management Board contract of the Chairman of the Management Board, Dr. Christian Friege will not extend beyond December 31, 2022. As a personally liable partner, the Neumüller CEWE COLOR Stiftung manages the business of the listed CEWE Stiftung & Co. KGaA. The board of trustees decides on the composition of the board of directors. Dr. Friege has offered to ensure continuity in leadership and enable a smooth handover. The decision on the successor has not yet been made.

The Chairman of the Supervisory Board, Otto Korte, reports the following on behalf of the Supervisory Board of CEWE Stiftung & Co. KGaA:

The Supervisory Board of CEWE Stiftung & Co. KGaA expresses his thanks to Dr. Friege: "The Supervisory Board is convinced that Christian Friege has had a significant impact on the positive development of the company and earnings. The cooperation between the supervisory board and that of Dr. Friege's board has always been characterized by openness, trust and mutual respect. We would have been very much in favor of an extension of the contract and would like to thank Dr. Friege expressly for the work he has done and for his promise to enable a smooth handover in the interest of the company," said Otto Korte, Chairman of the Supervisory Board.

The heirs of company founder Heinz Neumüller, CEWE's largest shareholder (27.1%), also share this view: "Dr. Friege can be proud of his excellent work. The company has become more valuable year after year and has shown, not least in the COVID-19 pandemic, that the business model is resilient. This long-term orientation is not only in the interest of investors, employees and customers, but also corresponds to the thinking and actions of the company founder Heinz Neumüller. Dr. Friege has enjoyed our full trust at all times and we would have welcomed a contract extension," the heirs said.