FRANKFURT (Reuters) - German chemicals distributor Brenntag, which has faced calls from shareholder activists for a break up, will unveil the result of a strategic review later this year, its chief financial officer said on Thursday.
"We will announce our conclusions on the strategic options and the future path for Brenntag and our divisions at the Capital Markets Day 2023 in late autumn," chief financial officer Kristin Neumann said in a statement.
Brenntag, originally founded in 1874 as an egg-selling company, is the latest in a series of German companies including Bayer (ETR:BAYGN) and Thyssenkrupp (ETR:TKAG) to face break up calls, after activist investors Engine Capital and PrimeStone urged it to spin off its specialties business.
Brenntag also announced it is reorganising its management board to comprise four members, as well as appointing new chief executives for both of its divisions.
Chief Transformation Officer Ewout van Jarwaarde is to take the helm of Brenntag's essentials division, while Michael Friede will head its specialties division, the company said.