Hugo Boss Supervisory Board Chair to Step Down

Overview

• Hugo Boss announced that supervisory board chairman Stephan Sturm has decided to resign his mandate and will remain in the role until a successor is chosen.
• The company says Sturm’s decision followed constructive talks prompted by recent changes in the shareholder base after Frasers substantially increased its holding.
• The British Frasers Group now holds nearly half of Hugo Boss and has said it intends to keep buying shares as it presses for influence over payouts and strategy.
• German reports say Frasers chief Michael Murray is expected to take the supervisory board chair and that lawyer Robert Palmer is likely to join the board, subject to formal appointment steps.
• The change raises the prospect of faster shifts in dividend policy, board composition and corporate strategy, and investors and staff should watch for further stake moves and the formal selection of a new chair.