Getronics management forced to leave

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Getronics management forced to leave

The management board of Getronics, one of Europe's largest IT service providers, has been ousted after an internal dispute on how to run the company.

Chairman and chief executive officer Peter van Voorst, and chief financial officer Jan Docter were asked to leave by the company's supervisory board after "a difference of opinion" on how to manage the company.

With immediate effect, Axel Rückert and Klaas Wagenaar will take over daily management of the 25,000-person global company as chairman and vice-chairman, respectively.

Rückert and Wagenaar have experience with large-scale financial restructuring and recovery operations, Getronics said. Rückert will take responsibility for customers, strategy and operations, while Wagenaar will focus on the financial revitalisation of the company and related activities.

Getronics is in the middle of a broad financial restructuring effort to cut its nearly €450m (£306m) in net debt, much of it amassed when the company bought US rival Wang Global in 1999. Customers have been asking questions about Getronics' continuity since November last year, when the company announced a second round of job cuts to reduce its cost base further.

Earlier this week Getronics said 60% of its bondholders now back a life-saving debt swap. The management board said it supported the swap.


 


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