MOVES: Evonik's Muller steps down, Engel appointed

20 August 2008 16:40  [Source: ICIS news]

LONDON (ICIS news)--Werner Muller has decided to step down as chairman of Evonik’s executive board at the end of the year and will be replaced by Klaus Engel, the German company said on Wednesday.

The chemicals, energy and real estate conglomerate said in a statement that the executive committee of the supervisory board had agreed to release Muller from his contract prematurely as of 31 December at his own request.

A company spokeswoman declined further comment.

The executive committee had also decided to nominate Klaus Engel, member of the executive board of Evonik Industries and chairman of the board of management of Evonik Degussa, to take over from Muller from 1 January 2009.

Evonik on Monday posted a 27% year-on-year drop in its net income for the first half of 2008 to €522m ($767.6m), due to adverse global economic trends.

Its owner RAG earlier this year sold a 25.01% stake in the company to CVC Capital Partners for €2.4bn and said it planned to float the company by 2013.

($1 = €0.68)

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By: Hilde Ovrebekk
+44 20 8652 3214

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