- After around three years on the job
- Thanks for Rechlin
- Position is currently not filled
- Responsibilities redistributed
(management-change.com) — Lübeck, Germany, January 23, 2017 — Markus Rechlin, chief executive of SLM Solutions, leaves. It is an abrupt change. As announced by SLM Solutions Group AG in an ad-hoc statement on Monday, January 23, 2017, Markus Rechlin leaves the post as Chief Executive Officer at the 3D printer maker in a surprising move after around three years on the job, effective immediately.
The position of Chief Executive Officer is currently not filled. Markus Rechlin’s responsibilities are redistributed.
His responsibilities are assigned to Chief Financial Officer Uwe Bögershausen with immediate effect and “until further notice”, SLM Solutions said.
No reason given
In the announcement, SLM Solutions did not explicitly explain the obviously compelling reason for Rechlin’s sudden move, leaving room for speculation.
Generally speaking, it is often an alarm signal for shareholders when a CEO leaves the post abruptly and without an understandable explanation.
SLM Solutions said: “The Supervisory Board of SLM Solutions Group AG took the decision today to remove Dr. Markus Rechlin from his position as CEO and from the Management Board of SLM Solutions Group AG.”
There must have been grave reasons for the supervisory board to revoke the appointment of Rechlin. The supervisory board may revoke the appointment of a member of the management board or the appointment of a member as chairman of the management board for cause. Pursuant to section 84, para. 3, sentence 2 of the German Stock Corporation Act (Aktiengesetz), such cause shall include in particular a gross breach of duties, inability to manage the company properly, or a vote of no confidence by the shareholders’ meeting.
Precise information about the future plans of Rechlin was not immediately available.
Share price decline
The change follows a decline in the share price of SLM Solutions Group AG since October 2016.
Paul E. Singer holds 20 percent stake
Paul E. Singer reported a 20 percent stake in SLM Solutions Group AG. Paul E. Singer is an American hedge fund manager, activist investor, and philanthropist.
Paul E. Singer is the founder of Elliott Management Corp.
Chaired by Hans-Joachim Ihde
SLM Solutions Group AG is chaired by Hans-Joachim Ihde.
He has been SLM Solutions Group AG’s Chairman of the Supervisory Board since 2014. His mandate expires at the time of the Annual General Meeting which resolves on the fiscal year 2018.
On the job since 2013
Rechlin served as the Chairman of Management Board, Chief Executive Officer and Managing Director at SLM Solutions Group AG and has been its Member of Management Board since August 21, 2013.
Rechlin earned a PhD in Mechanical Engineering at RWTH Aachen University.
He worked as management consultant at The Boston Consulting Group GmbH from 1992 until 1994.
Thereafter Rechlin worked until 2008 as senior executive at Dräger Medical GmbH where he was responsible for various business units, inter alia, intensive care, patient monitoring and hospital information systems.
Between 2000 and 2002 Rechlin was a managing director of CCP Capital Consulting Partners and from 2002 to 2004 a manager at The Boston Consulting Group GmbH.
From 2004 until 2010, Rechlin worked as executive vice president in the European team of Bain Capital Ltd.
In 2013, Rechlin was appointed as managing director of SLM Solutions GmbH and SLM Solutions Holding GmbH and became chairman of the management board of SLM Solutions Group AG.
Before his appointment as managing director of SLM Solutions GmbH and SLM Solutions Holding GmbH, he was chairman of the advisory board of SLM Solutions Holding GmbH for eight months.
He was working for SLM Solutions since 2013 and his contract expired in June 2018.
Read the full story in the management-change.com report 05.2017 ($).