Linde CEO, CFO leave following failed merger talks with Praxair

Linde CEO, CFO to leave following failed merger talks with Praxair

11:55 AM, 14th September 2016
Linde CEO, CFO to leave following failed merger talks with Praxair
Dr Wolfgang Buchele, CEO of Linde Group. (File photo)

MUNICH, GERMANY: Linde AG said that its chief executive officer (CEO), Dr Wolfgang Buchele and Chief Financial Officer (CFO) Georg Denoke will leave the company following the discussions to terminate a potential merge with Praxair Inc.

CFO will leave the company effective immediately and the CEO has informed the company's supervisory board that he will not continue in his position following the expiration of his current employment contract in April 2017.

Sven Schneider, until now the head of group treasury has been appointed interim CFO till the company names a successor to Denoke.

The supervisory board accepts Dr Buchele's decision with deep regret and has asked him to continue to serve in his position until his contract expires and to assume the additional position of labour director.

A search process for a successor of Dr Buchele will be initiated immediately in order to make a timely announcement.

"My decisions at the top of our company have always been guided by the credo to further develop Linde as a successful, competitive, and strong global company. In my professional career, I have always measured myself according to my ability to attain the objectives, I set for myself. Based on that, I was personally disappointed that I could not reach the goal of creating the number one globally. This has not been an easy decision," said Dr Buchele.

"We respect Dr Buchele’s decision and accept it with deep regret. I would like to underscore personally that Dr Buchele and I have always worked together with the highest degree of openness, trust and loyalty. Dr Buchele has led the discussions regarding a potential merger with Praxair with a great sense of responsibility and has come to the conclusion that, despite all of the potential benefits, the interests of Linde's German presence and of a balanced merger would not have been secured. Linde will now redouble its focus on its core markets and expand the company's competitive position based on its considerable inherent strengths," said prof Dr Wolfgang Reitzle, chairman of the supervisory board.

© Worldofchemicals News


Also Read:

Linde shareholders recommend to terminate merger talks with Praxair



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