Updated February 23rd, 2024 at 15:13 IST

Lufthansa shares drop over 3.5% on board reshuffle

Chief Executive Officer (CEO) Carsten Spohr will retain his position.

Reported by: Business Desk
Lufthansa shares fall | Image:File photo
Advertisement

Lufthansa shares fall: Lufthansa's shares experienced a 3.6 per cent decline at 08:33 GMT on Friday following the airline's announcement of a significant board reshuffle, where it revealed plans to reduce two-thirds of its board members by the middle of the year. 

The board, currently consisting of six members, will be downsized to five, with Chief Financial Officer (CFO) Remco Steenbergen being among those departing, as per the company's announcement on Thursday. 

Advertisement

Chief Executive Officer (CEO) Carsten Spohr will retain his position.

Investors, particularly at JP Morgan, are closely observing Steenbergen's exit, stressing his favourable standing among investors due to his respected and well-liked reputation. 

Advertisement

However, Stifel noted in a trader's memo that the news wasn't entirely unexpected, especially after the parent company opted against pursuing the sale of a minority stake in Lufthansa Technik. 

The decision was perceived as a setback to Steenbergen's influence and authority within the company.

Advertisement

(With Reuters Inputs)

Advertisement

Published February 23rd, 2024 at 14:25 IST