Baden-Baden, February 8, 2021: The Supervisory Board of GRENKE AG has today complied with Mr. Kindermann's request to terminate his contract prematurely and resign from his Board of Directors mandate and all other Group mandates effective today. In order to ensure a smooth handover, it was agreed that Mr. Kindermann will be available to the Company for a transitional period after his departure from the Board of Directors.
The preliminary assessments made in the course of the ongoing audits are critical of previous internal processes in the compliance organisation and Internal Auditing department. Mr. Kindermann has pointed out to the Supervisory Board that it will be necessary to revise the preliminary assessments once the audits have been completed. Mr. Kindermann decided to resign from his mandates today to avoid any dispute prior to completing the audit with regard to the justification or materiality of these criticisms and to prevent any potential damage therefrom to the Company.
The Supervisory Board would like to thank Mr. Kindermann for his many years of service as a member of the Board of Directors and for his support in assigning the Internal Audit function to the CEO and in appointing a Chief Risk Officer to be responsible for all compliance functions of the Company. The swift continuation and completion of the audits remain a top priority for the Company.
The Supervisory Board will decide shortly on the reassignment of the responsibilities on the Board of Directors. Until that time, the rules on deputisation will apply.
For further information, please contact:
Executive Communications Consulting
D-53572 Unkel (near Bonn)
Phone: +49 22 24 98 77 98
Email: [email protected]
Mobile: +49 (0) 171 20 20 300