In this year’s AGM season the time had come. After shareholders had often barked but not bitten before, they overthrew a prominent Chairman of the Supervisory Board: Stefan Wolf, Chief Controller of the MDax-listed industrial and automotive supplier Norma, received only 49.6 percent of the votes at a spectacular Annual General Meeting. Investors and shareholder advisors were particularly disturbed by the heavy workload at Wolf, who is still CEO of the automotive supplier ElringKlinger, Chairman of the Employers’ Association Südwestmetall and a member of Allgaier’s Supervisory Board.
Michelberger takes over chairmanship, Wilhelm joins in
In addition, prominent shareholders criticized Wolf’s personnel selection. The ex-Dematic-CFO Knut Michelberger and the former Mannesmann-Manager Lars Magnus Berg are too old for another term in the Norma supervisory board, it was said. And the former Opel manager Rita Forst, who was elected for the first time, met with criticism because she also sits on the Supervisory Board of ElringKlinger – where she supervises Wolf. The three candidates were nevertheless elected to the six-member committee, and Berg was subsequently promoted to the position of new Chairman of the Supervisory Board and successor to Stefan Wolf. Wolf’s mandate was taken over three months later by Stabilo CFO Mark Wilhelms. Whether this will satisfy the shareholders will be seen at the next Annual General Meeting.