Beiersdorf CEO Signs Five-Year Contract Following Strong 2013
This article was originally published in The Rose Sheet
Beiersdorf CEO Stefan Heidenreich has signed a new five-year contract extending his tenure through 2019, the Hamburg, Germany-based firm announces in conjunction with the release of its preliminary Q4/full year 2013 results. Sales rose more than 7% organically to more than $8 billion, though the results on a nominal sales basis were weighted down by currency effects.
You may also be interested in...
Speculation has it that strategic disagreement between CEO Stefan Heidenreich and Beiersdorf’s controlling Herz family may be the reason for the exec’s planned departure at the end of 2018, if not earlier. The firm also welcomed a new CFO at the start of July after forecasting slowing growth for the remainder of fiscal 2018.
Increased market share among its Nivea, Eucerin and La Prairie brands helped drive Beiersdorf to a 6.5% increase in sales during the first half of 2013.
Beiersdorf is seeing early signs that its new business strategy and streamlining efforts are paying off. The firm’s first-quarter sales increased 6.9% to €1.53 billion, with strong performances from its NIVEA and Eucerin brands. Emerging markets were a source of growth, and new CEO Stefan Heidenreich vows to mend the firm’s leaky China business.