Changes in the Executive Board of STADA Arzneimittel AG
01/23/2017 - 10.00 AM . Press Release
- Dr. Barthold Piening responsible for Production, Research and Development, Biotechnology as well as Quality Assurance and Control
- New Executive Board remuneration system developed
Bad Vilbel, January 23, 2017 – The Supervisory Board of STADA Arzneimittel AG has appointed Dr. Barthold Piening as a full Member of the Executive Board with effect from July 1, 2017 at the latest. He will assume Executive Board responsibility for Production, Research and Development, Biotechnology as well as Quality Assurance and Control. Interim responsibility for these areas currently lies with Executive Board Chairman Dr. Matthias Wiedenfels and Chief Financial, Marketing and Sales Officer Helmut Kraft. The Supervisory Board also presented the newly developed system for Executive Board remuneration.
Dr. Piening (58) has extensive experience in a broad range of management positions in the pharmaceutical industry. He joins STADA from Swiss specialists for pharmaceutical dosage technology Acino, where he most recently served on the Executive Committee as Chief Operations Officer. Prior to that, Dr. Piening was Head of Global Operations at Takeda Pharmaceutical, held the position of Executive Vice President Operations at Nycomed and was responsible for various operational and strategic functions at Altana. Dr. Piening studied pharmacy in Kiel, Germany, where he also received his doctorate. He also has an Executive MBA from WHU Koblenz and Northwestern University in Chicago.
Ferdinand Oetker, Chairman of the Supervisory Board at STADA Arzneimittel AG commented: “We are extremely happy that we have been able to attract Dr. Piening, a proven expert, who will excellently complement the Executive Board team at STADA with his renowned expertise in efficient production management. We have thus established the scope necessary in the Executive Board to sustainably drive the initiated strategic development of the STADA Group forward.”
Dr. Wiedenfels, Chairman of the Executive Board at STADA Arzneimittel AG, said: “Not only does Barthold Piening have many years of strategic and operational experience in production environments at internationally-active pharmaceutical companies, but with a doctorate in pharmacy, he will also contribute outstanding professional expertise to our team. This is a further important step in optimally positioning STADA for the future from a production perspective. We are looking forward to working together.”
The Supervisory Board of STADA Arzneimittel AG also presented the principles of the newly developed Executive Board remuneration system. The system, which has been revised together with renowned human resources consulting firm Kienbaum Consultants International GmbH has taken up the key points of criticism from the Annual General Meeting 2016. In addition to the focus on market standards and competitiveness, an increased orientation towards the capital market will in future be ensured through the use of specific key figures (including return on capital employed, ROCE) as well as the expansion of the peer group comparison through the addition of diverse companies from the pharmaceutical industry. In order to increase the performance-dependent nature, the remuneration structure has been changed to include greater variable portions. The clauses on the withholding or recovery of variable remuneration components (so-called “hold back” / “claw back”) have also been developed. The new system is to be presented to the Annual General Meeting on June 8, 2017 for approval and will be described in more detail as part of this event.
About STADA Arzneimittel AG:
STADA Arzneimittel AG is a publicly-listed company with headquarters in Bad Vilbel, Germany. STADA consistently focuses on a multi-pillar strategy of generics and branded products (OTC) with an increasingly international market orientation. The Group is the only independent generics producer in Germany. Worldwide, STADA is represented in more than 30 countries with more than 50 subsidiaries. Branded products such as Grippostad and Ladival are among the highest selling in their product categories in Germany. In financial year 2015, STADA achieved Group sales of Euro 2,115.1 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of Euro 389.4 million and adjusted net income of Euro 165.8 million. As of December 31, 2015, STADA employed 10,532 people worldwide.
Additional information for journalists:
STADA Arzneimittel AG / Media Relations / Stadastraße 2–18 / 61118 Bad Vilbel – Germany /
Tel.: +49 (0) 6101 603-165 / Fax: +49 (0) 6101 603-215 / E-mail: press(at)stada.de