© Reuters.
Investing.com — Frankfurt-listed shares in Lufthansa (ETR:) edged lower in European trading on Friday after the airline announced a sweeping mid-year shake-up of its executive board.
In a statement late on Thursday, the German group said that it would reduce the size of the board to five members from six.
Chief Financial Officer Remco Steenbergen will also be stepping down on May 7, and will be replaced on an interim basis by Human Resources head Michael Niggemann. Analysts at JPMorgan said investors were focused on Steenbergen’s departure, calling him “well-liked and well-respected,” Reuters reported.
Meanwhile, three current members — Christina Foerster, Harry Hohmeister and Detlef Kayser — will be leaving at the end of June.
Rolls Royce (LON:) Chief Technology Officer Grazia Vittadini and Swiss International Air Lines Chief Executive Dieter Vranckx will then take their place on the board from July 1.
Lufthansa said the changes were driven by a need to reshape its operations after “having successfully mastered the corona crisis, the subsequent recovery of the air transport sector and its business turnaround.”
