Bilfinger management changes

The chief financial officer of the Bilfinger group, Joachim Muller, has announced his departure from the company amid several key management restructuring moves.

Interim CEO Herbert Bodner, who was appointed after Roland Koch’s resignation from the post in August surrounding company profit warnings, has also confirmed he is no longer available to serve in a secondary role as chairman of the company’s supervisory board.

It had been planned that he would take on the position from Dr Bernhard Walter, who had served with the German-based industrial services firm as a member of the board since 1998 and had been chairman since 2006.

But according to a company statement, he decided to step down in the interests of the company, as investment firm Cevian, which now holds a 25% stake in Bilfinger called for another seat on the supervisory board.

Last month, the company confirmed that its forecast earnings before tax are €270 million, against €419 million for 2013. Its net profit was expected to be €160 million, compared to €255 million last year.

Consequently, Bilfinger has announced plans to write down some of its assets, including a €30 million investment in manufacturing facilities for offshore wind turbines in Poland.