Stada Departure

Changing of the Guard

Hartmut Retzlaff, Vorstandsvorsitzender des Pharmakonzerns Stada, spricht am 08.08.2013 in Frankfurt am Main (Hessen) auf einer Pressekonferenz des Unternehmens. Der Arzneimittelhersteller Stada legt die Zahlen für das 2. Quartal 2013 vor. Foto: Daniel Reinhardt/dpa [ Rechtehinweis: (c) dpa ]
Hartmut Retzlaff, the long-time CEO of Stada, has stepped down, paving the way for a smooth succession.
  • Why it matters

    Why it matters

    Hartmut Retzlaff’s resignation as chief executive could signal the end of a bruising leadership battle at the top of Stada as the company prepares for its annual shareholders meeting on August 26.

  • Facts

    Facts

    • Hartmut Retzlaff took over as chief executive of Stada in 1993.
    • Mr. Retzlaff grew Stada from a small drug maker with €100 million in revenue and almost no profits to a major contender with €2 billion in revenue and €110 million profits.
    • Mr. Retzlaff was criticized for accepting a €30 million retirement package, insulating himself with personal consultants and appointing his 36-year-old son to several leadership positions.
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    Audio

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The long-serving chief executive of the German drug maker Stada has stepped down just days before a shareholders meeting that is expected to shake up the company’s direction.

Hartmut Retzlaff took an indefinite leave of absence in June due to an illness. In a statement on Monday, Stada announced that Mr. Retzlaff had resigned as chief executive for “personal reasons.”

The move could pave the way for some major changes at the company, which Mr. Retzlaff is credited with raising up from obscurity into a giant of the global generic drugs market.

Mr. Retzlaff’s contract, which originally ran through August of 2021, now officially ends in December of 2016. According to Stada, he will receive compensation equivalent to less than two years’ wages.

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