Infineon announces Kley's replacement
Infineon Technologies has revealed that the company's new supervisory board chairman is Klaus Wucherer, who will succeed Max Dietrich Kley.
Wucherer (pictured) has been a member of the board since 1999 and received 72.5% of the shareholders' votes at the company's annual general meeting.
Shareholders rejected a bid from Willi Berchtold, cfo of automotive specialist ZF Friedrichshafen, a candidate proposed by Hermes Fund Managers.
According to Business Week, Hermes had previously stated that since Wucherer was on the board during Infineon's 'troubled years', he has some responsibility for its poor performance and its corporate governance. Berchtold received 27.4% of the votes, too low a level to be accepted on Infineon's supervisory board.
