CEO of German chip maker Infineon quits

news
Mar 26, 20041 min

Ulrich Schumacher's departure signals no change of strategy, CFO says

In an unexpected move, Ulrich Schumacher resigned as chief executive officer (CEO) of chip maker Infineon Technologies AG, a company executive said Friday.

Schumacher had sparked fierce controversy among members of Germany’s IG Metall labor union after masterminding plans to outsource jobs to low-cost labor countries. His suggestion to relocate the company’s headquarters in Munich to Switzerland to lower its tax burden infuriated numerous politicians.

Infineon’s Chief Financial Officer (CFO) Peter Fischl told analysts Friday in a conference call that Schumacher’s resignation had nothing to do with the company’s performance and would signal no change of strategy.

Performance at the group, spun out of Germany’s Siemens AG five years ago, is in line with forecasts, according to Fischl.

“There are absolutely no problems in our accounts or balance sheet,” he said.

The reasons for Schumacher’s resignation are personal, Fischl said. He declined, however, to provide details about an extraordinary supervisory board meeting Thursday after which Schumacher resigned.

Infineon’s Supervisory Board Chairman Max Dietrich Kley will act as CEO in the interim for one year, while the company seeks a replacement, Fischl said.

The company’s headquarters will remain in Munich, Fischl said.