Bilfinger CFO Klaus Patzak leaves

  • Push-out Score suggests push-out forces
  • After about two years in the position
  • Praise, thanks and words of regret for Patzak
  • Christina Johansson taking over

(exechange) — Mannheim, Germany, July 6, 2018 — Klaus Patzak, finance chief of Bilfinger, leaves — “by best mutual agreement”. As announced by Bilfinger SE in a news release on Friday, July 6, 2018, Klaus Patzak, Chief Financial Officer, leaves the civil engineering company after about two years in the role, effective September 30, 2018.

No company wants a CFO to flame out in the first years.

Patzak’s duties will be taken over by Christina Johansson, most recently Chief Financial Officer of Bucher Industries Group.

The fact that Patzak’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

In the months of October and November, CEO Tom Blades will assume additional responsibility for the CFO role.

No reason given

In the announcement, Bilfinger did not explicitly explain the reason for Patzak’s move, leaving room for speculation.

Precise information about Patzak’s future plans was not immediately available.

“Request for an early termination of his contract”

Bilfinger said: “Johansson succeeds Dr. Klaus Patzak …, whose request for an early termination of his contract as of September 30, 2018 and to step down from his position as CFO and Member of the Executive Board has been accepted by the Supervisory Board of Bilfinger SE.”

Share price decline

The change follows a decline in the share price of Bilfinger SE since March 2014.

Chaired by Eckhard Cordes

Bilfinger SE is chaired by Eckhard Cordes.

Cordes has been Member and Chairman of the Supervisory Board of Bilfinger SE since 2014.

CEO: Tom Blades

Tom Blades serves as CEO of Bilfinger SE. Blades has been the Chairman of the Executive Board at Bilfinger SE since July 1, 2016 and serves as its Chief Executive Officer.

In the position of CFO since 2016

Klaus Patzak has been Chief Financial Officer at Bilfinger since October 1, 2016.

Patzak’s CV reads as follows:

Born 1965 in Munich, Germany

Career

2016
Bilfinger SE, Mannheim
Member of the Executive Board and Chief Financial officer

2011 – 2016
Osram Licht AG, Munich
Member of the Executive Board and CFO

2002 – 2011
Siemens AG, Munich
Corporate Vice President
Chief Accounting Officer & Controller and further management positions in the commercial area

2000 – 2002
Infineon AG, Munich
CFO of Business Unit Wireline Communication

1993 – 2000
Siemens AG, Munich
Various management positions in the commercial area

Educational background

1993
Promotion (Ph.D.), Dr. oec., Ludwig-Maximilians-University, Munich

1991
Diplom-Kaufmann (MBA), Ludwig-Maximilians-University, Munich

1986
Industriekaufmann IHK.

At the time of Patzak’s appointment as Chief Financial Officer at Bilfinger, Eckhard Cordes had said: “Bilfinger has been able to gain an experienced industry manager and capital markets expert in Klaus Patzak. He successfully shaped the initial public offering of Osram and, as Chief Financial Officer, restructured Osram AG and made it viable for the future. He also served in a number of management functions at Siemens AG, most recently as Head of Accounting and Controlling for the entire group. In the Executive Board, Klaus Patzak will make a substantial contribution to the development of Bilfinger as a leading international industrial services provider.”

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Klaus Patzak’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 28.2018 ($).