Pfeiffer Vacuum CEO Manfred Bender leaves abruptly

  • After around ten years in the position
  • Eric Taberlet taking over

(exechange) — Asslar, Germany, November 27, 2017 — Manfred Bender, chief executive of Pfeiffer Vacuum, leaves. It is an abrupt change. As announced by Pfeiffer Vacuum Technology AG in an ad-hoc statement on Monday, November 27, 2017, Manfred Bender leaves the post as Chief Executive Officer at the manufacturer of vacuum pumps after around ten years in the position, effective immediately.

It is the end of an era.

Bender’s move comes shortly after Ayla Busch took over as chairman of Pfeiffer Vacuum Technology AG.

Bender’s duties are taken over by Eric Taberlet, currently Head of the business unit Semiconductor and Coating at Pfeiffer Vacuum Technology AG.

Bender’s move is part of a management shake-up also involving the position of Chief Financial Officer.

“For important reasons”

The management change is explained as follows. Pfeiffer Vacuum said: “The Supervisory Board of Pfeiffer Vacuum Technology AG … decided unanimously at today’s meeting to dismiss Manfred Bender from his position as CEO with immediate effect for important reasons.”

Precise information about the future plans of Bender was not immediately available.

Alarm signal

Generally speaking, it is often a wake-up call for stockholders when a CEO leaves the position abruptly and without comprehensible reasons being given.

Grave reasons

There must have been grave reasons for the supervisory board to revoke the appointment of Bender. 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.

Share price rise since December 2016

The change follows a rise in the share price of Pfeiffer Vacuum Technology AG since December 2016.

Busch SE holds 30.53 percent stake

Busch SE reported a 30.53 percent stake in Pfeiffer Vacuum Technology AG. Busch SE is a maker of vacuum pumps.

Chaired by Ayla Busch

Pfeiffer Vacuum Technology AG is chaired by Ayla Busch.

Ayla Busch has been the Chairwoman of Supervisory Board of Pfeiffer Vacuum Technology AG since November 2017 and its Member of the Supervisory Board since October 26, 2017.

In the position of CEO since 2007

Manfred Bender has been Chairman of the Management Board of Pfeiffer Vacuum Technology AG since July 2007.

From April 2004 to June 2007, he was Chief Financial Officer.

In his previous role as Business Unit Manager, he was responsible for Finances and Controlling.

His professional career began in an international corporate group where he worked in multiple commercial fields and in IT.

Manfred Bender has a Business Administration degree from the University of Applied Sciences in Giessen/Friedberg.

He is married and has two children.

He likes to spend his free time with his family, and also runs marathons and enjoys skiing.

Read the full story in the exechange report 49.2017 ($).