UPDATE: Linde AG Says CEO Not Available for Second Term
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(Updated - September 13, 2016 11:45 AM EDT)
Linde AG said in a press release:
Dr Wolfgang Büchele, CEO of Linde AG (ISIN DE0006483001), declared to the Supervisory Board of Linde AG that he is not available for a second term. The Supervisory Board of Linde AG accepted his decision with much regret. His current appointment ends April 2017.
The Chief Executive Officer of Linde AG, Dr Wolfgang Büchele, has informed the company's Supervisory Board that he will not continue in his position following the expiration of his current employment contract in April 2017. Dr Büchele said: "My decisions at the top of our company have always been guided by the credo to further develop Linde as a successful, competitive, and strong global company. In my professional career, I have always measured myself according to my ability to attain the objectives I set for myself. Based on that, I was personally disappointed that I could not reach the goal of creating the number one globally. This has not been an easy decision."
The Supervisory Board of Linde AG accepts Dr Büchele's decision with deep regret and has asked him to continue to serve in his position until his contract expires and to assume the additional position of Labor Director.
The Chairman of the Supervisory Board, Prof. Dr Wolfgang Reitzle said: "We respect Dr Büchele's decision and accept it with deep regret. I would like to underscore personally that Dr Büchele and I have always worked together with the highest degree of openness, trust and loyalty. Dr Büchele has led the discussions regarding a potential merger with Praxair with a great sense of responsibility and has come to the conclusion that, despite all of the potential benefits, the interests of Linde's German presence and of a balanced merger would not have been secured. Linde will now redouble its focus on its core markets and expand the company's competitive position based on its considerable inherent strengths."
A search process for a successor of Dr Büchele will be initiated immediately in order to make a timely announcement.
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