Top man steps down in MG shake-up

18 July 1994 00:00  [Source: ICB]

RESTRUCTURING EFFORTS at Metallgesellschaft are gathering momentum and managing board positions have been reduced from seven to five.

Jens-Peter Schaefer, one of the two initial survivors of the MG board shakeup following the dismissal of chairman Heinz Schimmelbusch last December in connection with bad oil swap deals, will step down as of 1 August. He will later give up his seat as chairman of engineering subsidiary Lurgi.

A new chairman for Lurgi has apparently not yet been named and no reason has been given for the replacement of Schaefer, who had been in the top slot since 1987. New MG chairman Hajo Neukirchen recently termed operations at the company 'too bureaucratic' suggesting restructuring might be in order.

Lurgi has already been converted into a strategic holding, the number of board positions cut from seven to three. Job cuts of 850 are proceeding apace.

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