Birgit Dietze sounds like an investment banker: “Increased EBITDA and positive cash flow are expected for the past financial year,” wrote the Berlin IG Metall boss about Francotyp-Postalia (FP) and therefore understands the power struggle between the board and major shareholder Not. “Will the company be smashed, filleted? Is the goal now in the short-term profit-making intentions of company (partial) sales? ”The addressee is Rolf Elgeti, who holds around a fifth of the FP shares and wants to get rid of CEO Rüdiger Andreas Günther. However, his contract was extended in June by the supervisory board chairman Klaus Röhrig to 2023.
Lind should succeed Günther
Röhrig represents the investment company Active Ownership Group (AOC), which owns almost a tenth of the FP shares. At the end of last week, the supervisory board under Röhrig appointed former Fujitsu manager Carsten Lind to the FP board. Lind should become CEO as soon as Günther is gone. But he does not want to leave and defended his strategy in a staff meeting on Wednesday. The workforce, the works council and IG Metall stand alongside Günther against the activist investors, whose intentions are now speculated. “There is no significant strategic dissent with society,” Elgeti told Tagesspiegel when asked. “We have no confidence in Günther.”
1000 Employee at FP
The Günther, Born 1958, worked as an investment banker in the United States. He worked in management functions for Metro, Infineon and Jenoptik as well as the agricultural machinery manufacturer Claas. Günther has been CEO of Francotyp-Postalia AG for four years. The Berlin-based company is 97 years old and the market leader in Germany for mail processing machines (franking and inserting) and sees itself in the digital world as an “expert in secure communication”. With good 1000 employees, of which just under 300 at the headquarters on Prenzlauer Promenade, FP generates sales of good 200 Million Euros. The profit before taxes, interest and depreciation, to which IG Metaller Dietze also referred, was recently 30 million euros.
Named after the tribe of the colonels
This is not bad, but Elgeti obviously is not enough. He calls for an extraordinary general meeting, at which he then wants to “present in substantiated terms”, which he doesn't like about Günther. “If you look closely at the numbers,” Elgeti told Tagesspiegel, there could be no question of the company performing well. The share was slightly up on Wednesday at EUR 4. 14, but has long remained below its potential, as Günther admits. In the past five years the price has fluctuated between 2, 70 and 6, 15 Euro. Elgeti used the low price to get started and increased the FP share of its holding company Obotritia Capital to good 20, 7 percent. The name comes from the Obriten, an Elbe-Slavic tribe from Mecklenburg, the home of Elgetis.
Involved in Hansa Rostock
The 43 year-old “commanded a well in Germany unique company network of real estate companies, a real estate financier, the football club Hansa-Rostock and 52 start-up investments ”, writes“ Manager Magazin ”about the farmer's son Elgeti, who was considered “one of the best financial analysts in London”, as CEO led the real estate company TAG into the M-Dax and burned a lot of money with the start-up “Staramba”: “The stock market value shrank by more than 150 million euros to five million, “writes” Manager Magazin “about” Staramba “, which is now called” Nexr Technologies “.
” Wild our blood ”
On the homepage of the Obotritia, which is based in Potsdam, you are greeted with the text line “Small our heap, wild our blood”, which comes from a paratrooper song from the 1930 he yes hearing comes. “A legal song,” as Elgeti emphasizes; the line stands for “a small team that works very hard”. And at Francotyp-Postalia is trying to remove the leadership. It is unclear why Röhrig, the chairman of the supervisory board, took part in it, even though he only extended Günther's contract eight months ago. “Mr. Röhrig is currently not commenting on Francotyp-Postalia,” it says on request.
“Better than the competition”
Günther has money offered to clear the space for Carsten Lind, who in turn showed up at the FP headquarters on Monday and met with Günter. However, he does not even think about clearing the desk because he sees the company well under his leadership. For three and a half years, FP has been doing better than the two big competitors, one from the United States, the other from France, Günther argues. And since the team is behind him, he will also fulfill his three-year contract, the CEO said on Wednesday at the staff meeting. That is in the sense of the employee representatives. “The 'old' franking machine business is (…) placed as best as possible in the dwindling market segments and on the way to further expanding market shares”, the Berlin IG Metall boss Dietze writes to Elgeti and asks him until 26. February to present its “future strategy” for FP.