Infineon'a Activist Holders Fail,Wucherer Elected New Chairman Date : 02/11/2010 @ 4:00PM Source : Dow Jones News Stock : Infineon Technologies AG (ADS) (IFNNY) Quote : 5.71 0.03 (0.53%) @ 8:26AM
Infineon'a Activist Holders Fail,Wucherer Elected New Chairman
MUNICH (Dow Jones) Activist shareholders of Infineon Technologies AG (IFX.XE) on Thursday failed at the semiconductor maker's annual general meeting as Willi Berchtold was rejected as a member of the supervisory board and opponent Klaus Wucherer was elected as new chairman.
Wucherer, who was recommended by the board to become Infineon's new chairman, received 72.5% of the votes--which was less than other candidates for the body. The supervisory board, however, elected him as Infineon's new chairman in its meeting after the shareholder's gathering unanimously.
Berchtold got just 27.4% of the shareholder's votes and missed the necessary majority to take a seat on Infineon's supervisory board.
Wucherer, member of the body for a decade, was opposed by U.K. pension fund Hermes and other shareholders. They had challenged Infineon's nomination of Wucherer, citing alleged mismanagement and calling for a fresh start for Infineon.
In a short speech at the shareholders gathering earlier Thursday, Wucherer reiterated that, if elected, he will chair the body for only one year to pave the way for finding a chairman who has broad support among shareholders and members of the supervisory board.
Wucherer also said that the body looked for another chairman last year but couldn't find an appropriate candidate.
Employee representatives on the supervisory board have already signaled their support for Wucherer.
Max Dietrich Kley's resigned as head of the company's supervisory board after Thursday's annual general meeting.
Market Data 
Markets 
AI
