Exclusive Exclusive: Albert Christmann Tipped as New CEO of Oetker

The family-owned German food group Oetker is close to resolving a dispute over who should succeed incumbent CEO Richard Oetker, Handelsblatt has learned from sources close to the company’s supervisory board. In a compromise agreement, the company’s current chief financial officer, Albert Christmann, is tipped to succeed Richard Oetker after he steps down at the end of the year due to his age. In exchange, Carl Ferdinand Oetker is expected to join the board as a representative of the Oetker family. The supervisory board could make the decision at its next meeting in September. The children from the three marriages of founder Rudolf-August Oetker have been locked in a long-running feud over the company’s direction and leadership. Alfred Oetker believed his father saw him as the natural successor to the group and wanted to succeed Richard as CEO. But his half-brother August Oetker, chairman of the supervisory board and the oldest of all the Oetker heirs, was opposed to Alfred leading the company. Mr. Christmann was August Oetker’s favored candidate for the top spot. Carl Ferdinand, on the other hand, is close to his brother Alfred. Read the full story in Thursday’s Handelsblatt Global Edition Picture Source: DPA