💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Lufthansa plays down report about new chairman

Published 12/17/2015, 06:21 AM
© Reuters. A Lufthansa airline logo is pictured in Frankfurt airport
MRK
-

FRANKFURT (Reuters) - German airline Lufthansa played down a report that it could get a new chairman after Merck (N:MRK) KGaA Chief Executive Karl-Ludwig Kley was quoted as saying he would take the job if it was offered to him.

Kley is to step down as chief executive of pharmaceutical company Merck in April. He is a former finance chief at Lufthansa and a current member of the supervisory board of an airline which has been hit by a series of strikes.

"Were I to be asked, it would be my honor to say yes," Manager Magazin cites Kley as saying in an excerpt of an article to be published on Friday, made available to Reuters on Thursday.

In response to the report, Lufthansa said in a written statement that Wolfgang Mayrhuber had been elected chairman until 2018.

"There are no intentions to change anything about that. Therefore there is no need to speculate about succession."

Manager Magazin cited Lufthansa sources as saying Mayrhuber will remain in office at least until 2017, though adding that there had previously been signals he might step down earlier for personal reasons.

Merck declined to comment.

Germany's largest airline is facing tough competition from Gulf operators including Emirates, Etihad and Qatar and low-cost carriers such as Ryanair and EasyJet. That has resulted in drawn-out labor disputes with pilots and cabin crew over cost cutting measures.

© Reuters. A Lufthansa airline logo is pictured in Frankfurt airport

The magazine cited Kley as saying he was fully aware that "to strengthen this icon of the German economy constitutes a tremendous task".

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.