Evonik's CFO Resigns Amidst Industry Crisis and Restructuring
Evonik, a prominent specialty chemicals company, has recently experienced a significant leadership change. Maike Schuh, the Chief Financial Officer, has resigned after serving in the role for over two years, sparking concerns among analysts due to the timing. CEO Christian Kullmann has temporarily assumed the finance duties.
Schuh's departure occurs during Evonik's most ambitious restructuring and a severe crisis in the chemical industry, with the lowest capacity utilization in three decades. She had spent a decade at the company before her sudden resignation, officially on her own request. The lack of transparency surrounding her departure has added to market skepticism and investor uncertainty.
The chemical industry currently grapples with high energy costs and weak demand, further exacerbating Evonik's situation. The company also faces simultaneous crises, including a significant profit forecast cut and the unexpected departure of its CFO. CEO Christian Kullmann now finds himself managing both crises at once, leaving investors uncertain about the company's future.
Evonik's CFO resignation and the ongoing industry crisis have raised questions about the company's governance and financial stability. With CEO Christian Kullmann temporarily taking on the finance role, investors await clarity on the reasons behind Schuh's departure and the company's plans to navigate these challenges.
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