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The separation from Ruffieux was by mutual consent. Upon the question of AWP news agency, the company did not want to give any other reason for the separation. However, in its statement, the Board of Directors thanks Ruffieux for his services and wishes him success in the future.
One reason for the separation may be the company’s recent disappointing operational performance. Accustomed to success, the company found itself in difficult waters after the Corona explosion. In mid-July, the company lowered its full-year forecast for half-year figures. The full-year core EBITDA margin should be only 28 to 29 percent, instead of the previous 30 to 31 percent.
Profitability is expected to be lower than previous forecasts not only in 2023 but also in the medium term. The company reduced the margin range to 31 to 33 percent, after the 33 to 35 percent it had previously promised. As a result of the regulations, the share price also fell by around 10 percent and has not recovered since.
The search for Ruffieux’s successor will begin soon. The company said that both internal and external options will be evaluated upon request. There is no specific timeline yet for succession planning.
However, there is no time pressure because Chairman Albert Baehny will continue to manage the business operationally until a successor is definitively found. This role is not completely foreign to him. Even before Ruffieux took over as CEO in November 2020, Baehny served as interim CEO and Chairman of the Board for nearly a year.
The company will announce more details about its medium-term strategy and forecasts at Capital Markets Day. This will take place as planned at Visp on October 17th. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
