- Push-out Score determined
- After about 52 years in the position
- Alexander Sixt and Konstantin Sixt taking over
- Sixt will remain as Chairman of the Supervisory Board at Sixt
(exechange) — Pullach, Germany, March 1, 2021 — Erich Sixt, chief executive of Sixt, leaves his position — “in agreement with the Supervisory Board.” As announced by Sixt SE in a regulatory filing published on Monday, March 1, 2021, Erich Sixt leaves his post as chief executive officer at the car rental company after about 52 years in the role, effective June 16, 2021.
It is the end of an era.
Erich Sixt’s duties as CEO will be taken over by Alexander Sixt and Konstantin Sixt, currently members of the Managing Board of Sixt SE, as Co-Chief Executive Officers.
No reason given
In the announcement, Sixt did not explicitly explain the reason for Erich Sixt’s move, leaving room for speculation.
Sixt will remain as Chairman of the Supervisory Board at Sixt
“Erich Sixt aims to become subsequently a member of the Supervisory Board and to become its Chairman. He will therefore stand for election as a member of the Supervisory Board by this year’s Annual General Meeting. The current Chairman of the Supervisory Board, Friedrich Joussen, will resign from the Supervisory Board of Sixt SE after this year’s Annual General Meeting,” Sixt said.
“Resign”
Sixt said: “After more than 50 years of managing the company, the long-standing Chairman of the Managing Board Erich Sixt will, in agreement with the Supervisory Board, resign from the Managing Board of Sixt SE at the age of 76 years after this year’s Annual General Meeting which is scheduled for 16. June 2021. The Supervisory Board has approved the termination of his contract with effect as of the aforementioned date today.”
Share price increase since February 2016
The announcement follows an increase in Sixt SE’s share price of 141% since February 2016.
Chaired by Friedrich Joussen
Friedrich Joussen serves as Sixt SE’s Chairman of the Supervisory Board.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Erich Sixt’s move on a scale of 0 to 10.
exechange reached out to Sixt and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2021 ($).