john_f Posted November 24, 2006 Share #1 Posted November 24, 2006 Advertisement (gone after registration) 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, given this Thanksgiving weekend, this is a good opportunity to thank Dr. Josef Spichtig for his excellent work in turning around Leica Camera. Thank you sir ! John F. Link to post Share on other sites More sharing options...
Advertisement Posted November 24, 2006 Posted November 24, 2006 Hi john_f, Take a look here Now official: Dr Spichtig has left Leica Camera . I'm sure you'll find what you were looking for!
michael friedberg Posted November 25, 2006 Share #2 Posted November 25, 2006 Does it strike anyone as unusual that the transition is immediate --that is, on day 1 Dr. Spichting's resignation is announced, effective as of day 2, and that Mr. Lee, who apparently was appointed to the board a few months before, immediately takes over? I'm familiar with somewhat more structured transitions. I always wonder why someone doesn't wait until the end of the month or, here, even the end of the year. I wouldn't be surprised in there were more to this story and its significance. Link to post Share on other sites More sharing options...
FastFashnReloaded Posted November 25, 2006 Share #3 Posted November 25, 2006 I wouldn't be surprised in there were more to this story and its significance. Speculation, rumor, National Enquirer. Link to post Share on other sites More sharing options...
jaapv Posted November 25, 2006 Share #4 Posted November 25, 2006 This was known a week ago.... Link to post Share on other sites More sharing options...
marknorton Posted November 25, 2006 Share #5 Posted November 25, 2006 Dr Spichtig was from an external Management Consultancy and his role was to turn the company around from the dark days of 2005. He's done a great job. MCC Management Consulting + Coaching Link to post Share on other sites More sharing options...
rosuna Posted November 25, 2006 Share #6 Posted November 25, 2006 He's done a great job. I agree. I want to thanks him because he has been decisive in the resurrection of Leica. Good luck for your next challenge !!! Link to post Share on other sites More sharing options...
michael friedberg Posted November 25, 2006 Share #7 Posted November 25, 2006 Advertisement (gone after registration) Speculation, rumor, National Enquirer. I have no idea nor do I have any agenda. Nor am I being critical of Dr. Spichtig. I just find the transition to be particularly abrupt, even given Dr. Spichtig's charge and information that was available a week ago. If others don't find this abrupt in the business world, that's fine too. There was and is no attempt at any "National Enquirer" type issues. There is speculation about any corporate announcement, and that is reasonable because it affects everyone in the future. Link to post Share on other sites More sharing options...
marknorton Posted November 25, 2006 Share #8 Posted November 25, 2006 Not withstanding the little local diffiulty of the M8 recall, I think his job is done. He's not a career Leica-man but he is a career businessman who can evidently see clearly what needs to be done to rescue an ailing business. For Leica, the recipe was new investment, new management, reduced inventories. Quite an interesting job and gratifying when it goes well. Leica have also announced a new CFO, so that the three key people below the Supervisory Board - technical (Wolfgang Keller), marketing (Ralph Nebe) and financial (Andreas Lobejaeger) are all (as far as I am aware), new to their jobs. With this team, and a new CEO (Steven K Lee) now in place, Dr Spichtig's job is done and he can return to Schaffhausen. What's depressing for me is that these three are all younger than I am! Link to post Share on other sites More sharing options...
ho_co Posted November 25, 2006 Share #9 Posted November 25, 2006 Besten Dank für Ihre vortreffliche Leistung, Herr Spichtig! --HC Link to post Share on other sites More sharing options...
michael friedberg Posted November 25, 2006 Share #10 Posted November 25, 2006 Dr Spichtig's job is done and he can return to Schaffhausen. Just out of curiosity what is Dr Spichtig's connection to Schaffhausen? I have business relationships and many connections to that town (in fact, I'll be there in 10 days). Thanks. Link to post Share on other sites More sharing options...
JoelH Posted November 25, 2006 Share #11 Posted November 25, 2006 Does it strike anyone as unusual that the transition is immediate --that is, on day 1 Dr. Spichting's resignation is announced, effective as of day 2, and that Mr. Lee, who apparently was appointed to the board a few months before, immediately takes over? It would strike me as unusual if a successor weren't named immediately. Such a gap with no clear executive in charge is not normal, and in my experience it would only happen if the resignation were an unepected event. I'm familiar with somewhat more structured transitions. I always wonder why someone doesn't wait until the end of the month or, here, even the end of the year. I wouldn't be surprised in there were more to this story and its significance. Again, how would it be a structured transition if no successor were named? That sounds pretty unstructured and implies that there was no planning involved. Link to post Share on other sites More sharing options...
john_f Posted November 25, 2006 Author Share #12 Posted November 25, 2006 Just out of curiosity what is Dr Spichtig's connection to Schaffhausen? I have business relationships and many connections to that town (in fact, I'll be there in 10 days). Thanks. Michael, Dr J Spichtig's management consulting firm is located in Schaffhausen. See these coordinates: Management Consulting + Coaching Tannerberg 9 8200 Schaffhausen Switzerland Tel. +41 (0)52 625 74 10 Fax. +41 (0)52 625 74 80 web: MCC Management Consulting + Coaching e-mail: info@mcc-ch.com However, by pure coincidence, Sinar AG - of which Leica Camera AG recently became majority shareholder - was originally located in Schaffhausen, Switzerland (back then, it was even called "Sinar Schaffhausen", a bit like "Leitz Wetzlar"). If you ever wish to pay them a visit, here are Sinar's coordinates: SINAR AG Stadtweg 24 CH-8245 Feuerthalen Switzerland web: Sinar Phone.: +41 (0)52 647 07 07 Fax: +41 (0)52 647 06 06 As Mark Norton pointed out, Dr Spichtig is a career businessman who was hired as a management consultant to accomplish a very specific and difficult job: bring Leica Camera from the brink and put it back on solid ground. Now that his job is done, he can leave and move on to other consulting mandates. The problems with the M8 will eventually be resolved to most people's satisfaction, and the publicity machine will be able to start turning in the new year, if not earlier. All in all, pretty darn good if you consider Leica Camera's near bankrupt financial position 18 months ago! And so, thank you Dr Spichtig. And to Steven K Lee, welcome aboard and good luck ! Link to post Share on other sites More sharing options...
dhsimmonds Posted November 25, 2006 Share #13 Posted November 25, 2006 To use a very nice Anglo/German expression, Dr Spichtig has been "given back his freedom" by the Leica AG shareholders. He has in my view done a very good job. Link to post Share on other sites More sharing options...
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