MOVES: Former finance minister becomes CFO of Evonik owner RAG

21 November 2012 18:56  [Source: ICIS news]

LONDON (ICIS)--Helmut Linssen, a former finance minister in Germany’s North-Rhine Westphalia state, has been elected chief financial officer (CFO) of RAG-Stiftung – the majority owner of Germany-based specialty chemicals major Evonik, RAG said on Wednesday.

Linssen will take over on 1 December, succeeding Gunter Schlatter.

Earlier this month, RAG already elected Werner Muller, a former Evonik CEO and former federal economics minister, as its new chairman, to succeed Wilhelm Bonse-Geuking.

RAG is a coal foundation under German law and its executive appointments are largely political decisions.

RAG’s 74.99% stake in Evonik is its main asset. Evonik is to be sold in an initial public offering (IPO), with the IPO proceeds to cover environmental and other costs related to the closure of German coal mines.

Private equity firm CVC holds the remaining 25.01% stake in Evonik.

By: Stefan Baumgarten
+1 713 525 2653

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