Sector News

New Stada CEO demotes predecessor's son, sacks advisors

June 27, 2016
Life sciences

The new chief executive of Germany’s Stada, who took over after his predecessor Harmut Retzlaff left for health reasons, has stripped Retzlaff’s son Steffen of some responsibilities and has fired the former CEO’s external advisors, taking a firmer grip of the maker of generic drugs and consumer care products.

Stada earlier this month said its long-time chief executive Harmut Retzlaff would temporarily leave office for health reasons and that fellow executive board member Matthias Wiedenfels would take over as CEO.

Steffen Retzlaff will no longer be in charge of Stada subsidiaries Hemopharm GmbH and Stadavita GmbH and will focus on his responsibility for the regions Asia and Pacific, Middle East and North Africa, Wiedenfels told staff in a letter dated June 20, which was obtained by Reuters.

A company spokesman confirmed the contents of the letter.

External advisors which have been acting as “Senior Advisors to the CEO” have been relieved of their duties, Wiedenfels told staff in the letter.

By Alexander Huebner

Source: Reuters

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