Stada Chairman ResignsBy
Hartmut Retzlaff has resigned as chairman of the management board of Stada AG, a Bad Vibel, Germany-based generics pharmaceutical company, due to personal circumstances. Retzlaff resigned from his office as member of the management board, which he had laid down since June 5, 2016, with effect as of August 15, 2016. He will be released from his duty to perform services under his board member service agreement until the agreed termination of the service agreement on December 31, 2016.
According to the German corporate governance code, payments agreed to between Stada and Retzlaff on the premature termination of his contract do not exceed the severance pay cap of two years‘ compensation.