• Germany's news in English
 
jobs_header_v3

Lufthansa ex-CEO lands top job despite wrangle

The Local · 8 May 2013, 16:16

Published: 08 May 2013 16:16 GMT+02:00

Facebook Twitter Google+ reddit

In a last minute change-of-heart on Monday evening, Mayrhuber said he had secured the support of important investors and would be standing after all.

The 66-year-old who stepped down as Lufthansa's CEO in 2010, had been nominated to take over from Jürgen Weber, but on Monday afternoon briefly said he had decided not to stand.

Influential US consultant firm Institutional Shareholder Services (ISS), had initially advised its customers - who between them hold around 36 percent of Lufthansa's shares - to vote against the former CEO at Tuesday's meeting.

ISS said Mayrhuber - who is also on the supervisory boards of BMW, Munich Re insurance company and Infineon semiconductor producer - had too much else on his plate.

At the same time, wrote Der Spiegel magazine on Wednesday, Lufthansa couldn't risk open conflict with ISS - a highly influential company, which advises 1,700 institutional investors, notably hedge and investment funds in the US.

But, presumably after a series of hectic phone calls, Lufthansa managed to convince ISS to back Mayrhuber if he stepped down from one or several of the other supervisory boards, said the magazine.

The reversal came late on Monday evening - just in time to install the former CEO with 63.2 percent of the vote at Tuesday evening's meeting.

Mayrhuber's predecessor Weber was furious at the embarrassing débacle and in a speech on Tuesday blamed a “difficult consultancy company” and their “purely formulaic criteria of an interpretation of corporate governance.”

Lufthansa spokesman Jürgen Homeyer confirmed to Der Spiegel that the airline had known for some time that ISS would kick up a stink about Mayrhuber, whom it had dismissed as “over-boarded” in a report shown to the airline on April 15.

The Local/jlb

The Local (news@thelocal.de)

Facebook Twitter Google+ reddit


Your comments about this article

Today's headlines
US tries to block Chinese purchase of Aixtron
Photo: Oliver Berg / DPA / AFP

US President Barack Obama on Friday moved to block a Chinese company's purchase of German semiconductor equipment maker Aixtron by rejecting the inclusion of Aixtron's US business in the deal.

Merkel to chart 2017 election battle at party congress
Photo: Tobias Schwarz / AFP

After Donald Trump's shock victory, Francois Hollande's decision not to seek re-election and populism on the rise, German Chancellor Angela Merkel is next up on the campaign podium to set out her strategy for winning in 2017 polls.

Berlin vs Munich: whose newborn polar bear is cuter?
Berlin's (left) and Munich's (right) newborn bears. Photos: Tierpark Berlin / DPA

Both city zoos welcomed baby polar bears into the world in November, with Berlin zoo its releasing first photos on Friday. But which one is more adorable?

Learn how to speak German like a silver screen icon
Dirty Harry. Photo: DPA

We all agree that there is no other option than to learn irregular German verbs by rote. But when you want a bit of downtime, why not learn from your big screen heroes?

Stolen Dachau 'Work will set you free' gate found: police
The entrance to Sachsenhausen concentration camp. Photo: DPA

An iron gate from the former Nazi concentration camp in Germany's Dachau with the slogan "Arbeit macht frei" ("Work will set you free") has been found two years after it was stolen, police said Friday.

Mystery flight path artist draws new message in sky
Photo: DPA

A pilot who likes to draw patterns in the sky using his flight path has returned with his greatest artwork yet.

Berlin 'abusing power' to stop Snowden coming to Germany
Edward Snowden. Photo: DPA

Opposition parties have accused the coalition government of overstepping its authority in its attempt to block American whistleblower Edward Snowden's trip to Germany.

Germany gains record number of Michelin-star restaurants
Head of the Michelin Guide, Michael Ellis (centre) with Michelin-star chefs at a presentation in Berlin. Photo: DPA.

Germany had a slew of newly minted Michelin-star restaurants this year, and its top-rated establishments held onto their prestigious three stars.

At last: Germany passes major disabled rights reform
People in wheelchairs watch as the German parliament deliberates on the new disability rights reform. Photo: DPA.

For years people with disabilities in Germany have called for legislation to provide them with better benefits and opportunities in life and work. On Thursday the German parliament passed such a reform - but is it enough?

How new German rules are holding refugee families apart
Children wait for food in Jarablus, Syria. Photo: DPA

Germany, trying to staunch the flow of Syrian refugees, has placed high hurdles for them to be reunited with their families, creating a Kafkaesque nightmare in the courts.

Lifestyle
10 German Christmas cookies you have to bake this winter
Sponsored Article
The key to launching your international career
Lifestyle
Our 10-step guide for doing Christmas just like a German
National
Here's why so many Germans vote for the far-right AfD
National
7 events in Germany that'll make December unforgettable
Lifestyle
7 frosty German sayings to make you a winter wordsmith
National
This is how unequal German society has become
National
Six things you should know about the Lufthansa strike
National
9 ways living in Germany will make you a better person
National
These 10 German Christmas markets cannot be missed
Features
8 German words that unlock amazing secrets in English
Culture
10 German words with simply hilarious literal translations
Lifestyle
7 things Germans do that make foreigners feel awkward
International
Why Donald Trump's grandad was booted out of Germany
National
This is what is really inside your Döner kebab
National
Rejoice! Christmas markets start opening across Germany
Education
These German universities are best at landing you a job
Travel
Why Heidelberg is Germany's most inspiring city
Lifestyle
This soppy German Christmas ad will bring you to tears
National
Here's where Germans speak the best (and worst) English
Culture
10 German books you have to read before you die
Culture
U-Bahn train found filled with autumn foliage in Berlin
Features
Seven German words that unlock amazing secrets about English
Travel
Germany's ten most beautiful towns you've never visited
6,627
jobs available
Toytown Germany
Germany's English-speaking crowd