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Today, the supervisory board of Endor AG has decided on the dismissal of CEO Thomas Jackermeier, effective at the end of March 30, 2024, thereby fulfilling a key condition set by the lending banks for the extension of the standstill agreement until June 30, 2024.
Endor AG is in negotiations with lending banks regarding a standstill agreement until June 30, 2024 with regard to the existing loans. The standstill agreement is subject to conditions. The Endor Supervisory Board will discuss these conditions today and, if necessary, pass a resolution.
Reporting here from OverTake (RaceDepartment):
The inimitable founder and CEO of Fanatec, Thomas Jackermeier is set to depart his post at the top of the German sim racing equipment manufacturer.
Parent company Endor AG, which trades publicly on the Munich, Hamburg and Stuttgart stock exchanges, issued a brief statement yesterday (28th Mach) announcing the change.
"Today, the supervisory board of Endor AG has decided on the dismissal of CEO Thomas Jackermeier, effective at the end of March 30, 2024, thereby fulfilling a key condition set by the lending banks for the extension of the standstill agreement until June 30, 2024," reads the brief statement, submitted by Matthias Kosch, Chief Financial Officer and Executive Board Member.
Here, it appears that Endor (Fanatec) claims that Jackermeier's departure is directly linked to a loan standstill agreement – whereby, typically, a repayment schedule on existing loans is halted under the proviso of certain requirements.
In a separate statement released earlier on the 28th, the Landshut-based company explained that it was "in negotiations with lending banks regarding a standstill agreement until June 30, 2024" and that the "standstill agreement is subject to conditions."
Several key changes have happened recently to Endor's Supervisory Board. Kosch replaced Andras Semsey as CFO at the end of last year, and Chairman of the Supervisory Board, Oliver F. Gosemann, resigned in February 2024.
Translated:
The Supervisory Board has decided to dismiss the former CEO and founder of Endor AG, Thomas Jackermeier, from his position on the Management Board effective March 30, 2024. Jackermeier will remain with the company in another function. In addition, the Supervisory Board will appoint a Chief Restructuring Officer (CRO) in the near future. This will fulfill key conditions set by the lending banks for the extension of the standstill agreement until June 30, 2024.
Siegfried Stieger, Chairman of the Supervisory Board of Endor AG: "In order to secure the financial future of the company and reach a forward-looking agreement with the lending banks, we are forced to reorganize the Management Board team. We will continue to press ahead with the ongoing optimization of the company since the appointment of the remaining Management Board members and initiate a comprehensive restructuring with the timely support of a CRO. At the same time, it is of central importance for us to keep founder Thomas Jackermeier actively involved in the company. No one in the sim racing market has a comparable network and feel for market trends. I am delighted that Thomas has agreed to take on this new role." In the future, Thomas Jackermeier will support product management in particular, continue to take care of strategic partnerships and support the future CRO in the restructuring measures.