- New CEO Steven Holland focuses on continuity and promotes profitable growth strategy
- General Shareholders’ Meeting elects longtime CEO Stephen Clark to the Supervisory Board
- After record results in financial year 2010, a dividend of EUR 1.40 per share will be distributed
- Growth expected across all relevant earnings parameters in 2011
During the first annual general shareholders’ meeting since the successful IPO of Brenntag AG (WKN A1DAHH) in March 2010, longtime CEO Stephen Clark today handed over responsibility for the world market leader in chemical distribution to Steven Holland. Holland, who has been with Brenntag since 2006, has worked closely with Stephen Clark since becoming COO of the company in 2009. During this time he has been instrumental in shaping the strategy for Europe and Asia. As a new member of the Supervisory Board, longtime CEO Clark will support Brenntag in continuing the successful growth strategy. This was decided today at the general shareholders’ meeting in Düsseldorf when the shareholders followed the proposal of major shareholder Brachem Acquisition S.C.A. In addition, the general shareholders’ meeting approved the distribution of a dividend of EUR 1.40 per share.
Steven Holland new CEO
"It is with great confidence that I hand over responsibility for this successful and ambitious MDAX-company to my colleague Steven Holland", the outgoing CEO Stephen Clark said about his successor. "In recent years, Steven has proved to be a strong leader with strategic vision and has driven our growth with passion." Steven Holland has been a board member since 2007; he has been responsible for managing Brenntag’s global day-to-day operations and executing the group’s growth strategy since 2009.
Stephen Clark becomes new member of the Supervisory Board
The previous CEO Stephen Clark joins the Supervisory Board – a large majority of the voting shareholders decided in favour of a corresponding request of major shareholder Brachem Acquisition S.C.A. "Stephen Clark has further developed and expanded Brenntag’s global market leadership in chemical distribution with a great sense of responsibility. We highly appreciate and value his work and I would like to specifically thank Stephen Clark, also on behalf of the entire Supervisory Board, for this outstanding achievement. We look forward to continuing to benefit from his long standing know-how ", said Stefan Zuschke, Chairman of the Supervisory Board.
Shareholders participate in 2010 record results via dividend
Clark hands over a growing company. Brenntag has significantly improved its results across all key performance indicators since the IPO last year. With EUR 7,649.1 million and EUR 602.6 million respectively, sales and operating EBITDA reached record figures. Based on these excellent results, the Management Board and the Supervisory Board proposed a dividend of EUR 1.40 per share to the general shareholders’ meeting. This corresponds to a total dividend of EUR 72.1 million. The shareholders approved this proposal by a large majority.
The shareholders welcomed the company's performance during the past financial year and adopted the proposals of the remaining agenda items with approval rates of almost one hundred percent.
Growth expected for all relevant earnings parameters in 2011
The Brenntag management aims for further growth based on the good results of 2010. "The financial year 2011 is going well," said the new CEO Steven Holland. "We push ahead with our proven growth strategy and will consistently continue our expansion both organically and through acquisitions." Only in the past few weeks Brenntag has made successful strategic acquisitions in China and North America. On the back of global economic growth, continuing positive trends in chemical distribution and its strong international market position, Brenntag expects to further grow all key performance indicators in local currencies in the current financial year.
(36,169,840 shares of the share capital of 51,500,000 shares were represented, which corresponds to 70.23 percent of the share capital.)
|Count||% of the valid votes|
|Agenda Item 2 |
|Appropriation of the balance sheet profits*|
|Valid votes ||36,181,749|
|Management proposal adopted by 99.8897%|
|Agenda Item 3|
|Discharge of the members of the Board of Management*|
|Management proposal adopted by 99.7893%|
|Agenda Item 4|
|Discharge of the members of the Supervisory Board*|
|Management proposal adopted by 99.7893%|
|Agenda Item 5|
|Appointment of the auditor*|
|Management proposal adopted by 99.8092%|
|Agenda Item 6|
|Approval of the remuneration system for the members of the Board of Management|
|Management proposal adopted by 99.5422%|
|Agenda Item 7|
|Election to the Supervisory Board *|
|Management proposal adopted by 98.8042%|
* According to the proposal as announced in the convening notice.
Brenntag is the global market leader in full-line chemical distribution. Linking chemical manufacturers and chemical users, Brenntag provides business-to-business distribution solutions for industrial and specialty chemicals globally. With over 10,000 products and a world-class supplier base, Brenntag offers one-stop-shop solutions to about 160,000 customers. The value-added services include just-in-time delivery, product mixing, formulation, repackaging, inventory management, drum return handling as well as extensive technical support. Headquartered in Mülheim an der Ruhr, Germany, the company operates a global network with more than 400 locations in nearly 70 countries. In 2010 the company realized global sales of EUR 7.6 billion (USD 10.1 billion) with more than 12,000 employees.
This press release may contain forward-looking statements based on current assumptions and forecasts made by Brenntag AG and other information currently available to the company. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. Brenntag AG does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.