Now official: Dr Spichtig has left Leica

[john_f]

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This press release ("Change in Board of Management') was recently added in the leica-corporate.com website:

 

"Solms, November 21, 2006

 

With the first phase of the turnaround process successfully completed, Dr. Josef Spichtig, appointed interim Chairman of the Board of Management of Leica Camera AG as from April 18, 2005, will leave the Company’s Board of Management effective at the end of November 22, 2006. Steven K. Lee, appointed member of the Board of Management on September 19, 2006, will lead the Company as sole member in cooperation with the newly built-up management team for the time being. The Supervisory Board is considering the possibility of enlarging the Board of Management during the next few months. Dr. Spichtig will be available for the Company in an advisory capacity as occasion demands.

 

At the end of the first phase of the turnaround process the Leica Camera AG Group has defined measures to implement the start of a phase of consolidation and simultaneously commenced implementation of a growth strategy. Within the framework of this approach, there may be burdens on the result of the current fiscal year or of the following fiscal years due to capital expenditure undertaken to secure the Company’s future."

 

Source: Leica Camera AG - Investor Relations - Financial Reports

 

IMHO, this is a good opportunity to thank Dr. Josef Spichtig for his excellent work in turning around Leica Camera.

 

Thank you sir !

 

John F.

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The Leica Q3 is available for pre-order at B&H Photo Video and Adorama

[abrewer]

Some of the specifics (bold my emphasis; note results precede M8 release):

 

In the first six months of the current fiscal year, i.e. until September 30, 2006, the Leica Camera

AG Group (ISIN DE000A0EPU98) registered sales growth of 8 %, to € 51.9 million. Sales in the

camera segment were increased by 17.3 %, to € 25.4 million, based on the existing range of

analogue and digital products. Sales of the Leica sports optics products decreased by 4.4 %, to

€ 11.4 million, chiefly due to consumer restraint in the North American market.

 

The Group’s net loss for the six-month period came to € –4.2 million, which is € 1 million less

than for the comparable prior year period. This improvement has been achieved in spite of the

operating result being burdened by an additional € 2 million in comparison to the same period of

the previous year. The additional expenses referred to the cost of the bi-annual photokina trade

fair, advertising cost for an international campaign and start-up expenditure for the new digital

products. The Group expects profits in the second half of the fiscal year since sales will be

proportionally higher due to seasonal reasons and the measures implemented in order to

improve processes will gradually take hold.

 

So the Leica ship has turned the corner, but she's still not in the clear ( or "black ink") quite yet.

Thanks Dr. Jo!

 

Allan