Bilfinger CEO Unexpectedly Resigns After Losses Widened
- CFO Axel Salzmann to take over until replacement is found
- CEO departure comes after company scrapped dividend last month
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Bilfinger SE Chief Executive Officer Per Utnegaard announced his surprise resignation, leaving a top management void at the German real-estate services company a month after it scrapped its dividend and reported a widening loss.
Utnegaard will leave at the end of April and be replaced by Chief Financial Officer Axel Salzmann until a permanent appointment is made, the Mannheim, Germany-based company, which has activist shareholder Cevian Capital AB as its biggest investor, said Wednesday in an e-mailed statement.