Düsseldorf-based machinery and plant manufacturer Gea is reorganizing its twelve-member supervisory board: At the Annual General Meeting on April 30, Covestro manager Holly Lei (60) and automation expert Jürgen Fleischer (59) will run for the board. Chinese-born Canadian Holly Lei is the full-time president of Covestro China and heads the company’s business in the region. Fleischer, a former Daimler manager, works as a professor for “Machines, Plants and Process Automation” at the Karlsruhe Institute of Technology. If elected, the two newcomers will replace long-time Kraft Foods manager Jean Spence (63) and Ahmad Bastaki (62) from the Kuwait Investment Authority.
Supervisory board chairman Perlet targeted by activists
Bastaki has been a member of the board since 2003, two years longer than supervisory board chairman Helmut Perlet. The 73-year-old, who has been targeted by activist shareholders such as Paul Singer because of his long tenure, is now also leaving the board. Klaus Helmrich (62), who served as Siemens board member until the end of March, is up for election as his successor at the annual general meeting. The Gea Supervisory Board members are to be elected for only four years instead of five. In this way, the Gea Group is taking into account “the recommendation of the GCGC and the expectations of international investors in particular”.