Infineon chief quits
A company spokesman stressed repeatedly that the decision was for “personal reasons” and was in no way connected with accounts or balance sheet issues nor with the current performance of the company. There would be no change in direction for Infineon, he said.
Max Dietrich Kley will take on the chief executive role for a period of not more than a year.
Schumacher resigned with immediate effect during an extraordinary meeting of the company’s supervisory board, March 25, 2004. The Infineon spokesman reported that the company was not moving its headquarters to Switzerland.
Newspapers (e.g., Financial Times, March 26, 2004) report trade union representatives on the supervisory board from IG Metall as saying that Schumacher “clashed with fellow board members over his management style”. The meeting had been called to discuss company strategy. Schumacher’s contract covered the period to 2007.
The former chief executive suggested last year that the company might move its headquarters to a location outside Germany and that Switzerland was one possible destination. IG Metall reported a “less than gentle personnel policy and rigorous outsourcing” as further points of difference between Schumacher and the board.
