DGAP-News

GRENKE AG: GRENKE AG reinforces Board of Directors and integrates franchise system

DGAP-News: GRENKE AG / Key word(s): Personnel GRENKE AG: GRENKE AG reinforces Board of Directors and integrates franchise system 29.10.2020 / 07:12 The issuer is solely responsible for the content of this announcement. GRENKE AG reinforces Board of Directors and integrates franchise system

• Franchise companies to be integrated into the Consolidated Group in the upcoming 12 to 18 months
• Board of Directors to be expanded to include a Chief Risk Officer (CRO) responsible for the areas of risk control, legal and compliance
• Reallocation of Board of Directors' responsibilities: Sebastian Hirsch to become Chief Financial Officer (CFO); CEO Antje Leminsky to be additionally responsible for Internal Audit

Baden-Baden, October 29, 2020: GRENKE AG, global financing partner for small and medium-sized enterprises, is setting its future course with a roadmap for the integration of the franchise companies and the reinforcement of the Board of Directors, as well as a reallocation of responsibilities.

To further the development of the compliance area, as well as the entire internal control system, GRENKE is installing a Chief Risk Officer (CRO) at the level of the Board of Directors and transferring responsibility for Internal Audit to the Chair of the Board of Directors Antje Leminsky. In addition, Sebastian Hirsch, member of the Board of Directors, has been appointed Chief Financial Officer (CFO), effective immediately.

Antje Leminsky, Chair of the Board of Directors of GRENKE AG, comments: "As a medium-sized group, we stand for entrepreneurial spirit, reliability and long-term growth. Through continuous development, we want to align this successful model even more closely to what the capital market expects from us: transparency, professional governance and compliance".

Integration of franchise companies

Since 2003, the expansion of the GRENKE Consolidated Group into new markets has been carried out, among others, through franchise companies in which the managing partners of these companies hold a substantial minority interest. The majority of capital is held by various financial investors, including CTP Handels- und Beteiligungs GmbH (CTP). In the past, GRENKE has typically been able to acquire the franchise companies after a period of four to six years.