Infineon shuffles management team
Memory division gets new boss
Infineon today said it had appointed a new chief of the company's memory business following the resignation last week of the unit's previous head, Andreas von Zitzewitz.
His replacement is Kin Wah Loh who, until today, was in charge of Infineon's communications product division. Loh's old post will be filled by Hermann Eul, the business unit's General Manager.
The memory maker said its Supervisory Board had approved the changes made to the company's Management Board, which Eul now joins as a deputy member. Loh already had a seat on the MB. The SB also confirmed that the company's chiefs dealt with von Zitzewitz correctly and in line with the principles of "good corporate governance".
Von Zitzewitz quit his post last week as it emerged he faces possible charges relating to "payments made for contracts regarding motorsport sponsoring".
A police investigation into the allegations recently led to Infineon's HQ being raided, though the company is not itself under investigation, it said at the time. It also stressed that it "immediately terminated all sponsoring engagements in motorsports as far as possible" upon the departure of former CEO, Ulrich Schumacher in 2004.
Infineon yesterday reported third fiscal quarter numbers which showed its loss almost doubled to €225m ($271m) on sales of €1.61bn ($1.95bn). ®