The consequences weren’t long coming. Just one day after the collapse of a $60-billion (€53-billion) merger between German industrial gases giant Linde and U.S. rival Praxair, the Munich-based firm has announced a major leadership shakeup.
Linde’s chief financial officer, Georg Denoke, will step down with immediate effect, while Chief Executive Wolfgang Büchele will not have his contract renewed when it runs out in May of 2017, the company said in a statement Tuesday.
The two men had been involved in a fierce leadership dispute at the top of the Munich-based firm, which insiders say may have impacted the merger talks. Mr. Denoke was said to be against the merger and had been accused by many within the company of disloyalty.