Stephan Sturm has stepped down as chairman of Hugo Boss's supervisory board after failing to fend off Mike Ashley and prevent Frasers Group from raising its stake to nearly 50 percent in a heated summer takeover battle. Hugo Boss said Sturm will remain as chairman until a successor is elected in the next weeks, and will leave the supervisory board on Oct. 15. Frasers' original bid, launched in June at 38 euros per share, was rejected by the Boss board as undervaluing the company, but Frasers still boosted its holding to 33,054,959 shares, or 47.89 percent of the company, and has said it wants full control. Frasers said it recently held talks with Sturm about its representation on the supervisory board and that the two sides mutually agreed he should step down; Frasers CEO Michael Murray will be joined on the board by a second Frasers representative, Robert Palmer, the company's secretary and a longtime advisor to Ashley. Sinan Piskin, deputy chairman of the supervisory board, thanked Sturm for his leadership and said the board remains focused on supporting the managing board and creating long-term value for all shareholders.
Hugo Boss AGChairman Stephan Sturm stepped down after failing to fend off Frasers' takeover push, with Frasers now holding 47.89% and seeking full control.
Frasers Group PLCFrasers raised its stake to 47.89% and secured two board seats, advancing its bid for full control of Hugo Boss.
