Wella Supervisory Board
This article was originally published in The Rose Sheet
Executive Summary
Four new members named to Wella's Supervisory Board, firm announces Sept. 18. Martin Nuchtern, Rainer Henes, Dieter Judith and Gerhard Wirth are assuming their roles following the departure of four members who had resigned in connection with the acquisition of the majority voting rights in Wella AG by Procter & Gamble. Supervisory Board also elects Wirth as chairman. In response to the appointments, a group of Wella preference shareholders advised by investment bank Close Brothers released a statement expressing dissatisfaction that three of the appointees are affiliated with P&G, maintaining the appointments should be independent. The shareholder group contends the move is "inconsistent" with the statement of independence made by the Wella management board Sept. 2, the day P&G closed the acquisition (1"The Rose Sheet" Sept. 8, 2003, p. 4)...