New CEO Takes the Helm of Marenave

Fresh from its financial restructuring German Marenave Schiffahrts AG dismissed its Chief Executive Officer Ole Daus-Petersen, who headed the process, the company said on Thursday, November 16.

“Newly formed Supervisory Board terminated Ole Daus-Petersen’s appointment as sole member of the Management Board with immediate effect. At the same time Bernd Raddatz – the company’s former Authorised Signatory – was appointed as new sole member of the Management Board, the company informed.

The move follows the constitution of the new supervisory board following the resignation of its former members at the company’s latest general meeting.

Björn Hagedorn, Public Auditor and Tax Advisor, and David Landgrebe were appointed as new members on the company’s proposal by the competent court. Thus, the supervisory board has reached its statutory size of four members and is quorate again.

“After the turbulent times during the financial restructuring and the changes in our shareholder structure and the company bodies the restart of our business in at least slightly calmer waters has to be shaped. Ernst Russ AG, the largest shareholder of the company, is a strategic partner who has already signaled its commitment and willingness to shape the future of Marenave AG. Ongoing discussions and negotiations will be continued and intensified in order to be able to present concrete results to the shareholders as soon as possible,” Raddatz said in a comment.

In October, Marenave said it was preparing an alternative future and capital increase concept, which will be presented to the company’s shareholders at the annual general meeting.

The new capital increase scheme is being devised on the back of rejection of the company’s proposed capital reduction in September, which was a condition for implementing the restructuring concept of the company.

Consequently, the investment agreement involving CPO Investments GmbH & Co. KG (Offen Group) and DEVK Allgemeine Versicherungs-Aktiengesellschaft fell through.

Marenave completed the sale of its fleet at the end of September.

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