Dhe dispute over the management of the photo service provider Cewe has reached a new level of escalation. The management board of the listed company has now announced in a mandatory notification that it wants to legally examine whether the re-election of the chairman of the board of trustees, 71-year-old Rolf Hollander, conforms to the articles of association. The Board of Trustees is the power center of the former family business, which is now organized as a foundation.
The Articles of Association provide for an age limit of 71 years, although the Board can deviate from this rule with a two-thirds majority. In this vote, Hollander, who was not allowed to vote himself, received three out of five votes.
What appears to be a mathematically clear result, namely 60 percent, can also be interpreted differently. Two-thirds of 5 is 3.3, is the alternative calculation method used by lawyers, which means that three votes would be sufficient for the decision. Courts may now have to decide what applies. In any case, the publication of a mandatory notification does not lead to the expectation that an amicable agreement is possible.
Next Cewe boss already ordered
The power struggle essentially revolves around the further role of Christian Friege, who has headed the photo book specialist Cewe since 2017. According to a press release from the Board of Trustees, Friege will no longer have operational responsibility. This puts Friege out of business.
He actually wanted to remain Cewe boss. But his contract, which ends this year, was not extended in the spring by the Board of Trustees, whose chairman Rolf Hollander is Friege’s long-time predecessor.
In this situation, however, it became clear that Friege has a powerful advocate. Alexander Neumüller, major shareholder and son of the former patriarch Heinz Neumüller, made use of his right to delegate one person to the Cewe board and named Friege for it. Neumüller does not have the power to determine its area of responsibility and thus its influence and content. The next Cewe boss has already been appointed. If the Board of Trustees’ plan works, Yvonne Rostock, Germany boss of the cosmetics group Coty, will take over the top job at Cewe next spring.
