Bilfinger Chairman Resigns to Give Cevian Second Board Seat
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Bilfinger SE Chairman Bernhard Walter will step down next month, giving activist shareholder Cevian Capital SE more influence over the struggling German engineering-services company.
Cevian will gain one more seat on the supervisory board, which will then elect a successor to Walter, Mannheim, Germany-based Bilfinger said in a statement today. Cevian, which boosted its stake in the company to 26 percent last month to cement its status as Bilfinger’s biggest investor, in a separate statement proposed former Metro AG Chief Executive Officer Eckhard Cordes as new supervisory board member.