Word: mannesmann
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...wooden bird. In the not-too-distant past, Mahlberg might reasonably have expected to come under fire himself in such an spd heartland. Instead, the reception is warm. The outgoing king of marksmen, Detlev Wilms, 57, who works in the blast furnace at Hüttenwerke Krupp Mannesmann, explains that he's a union man and for years voted spd. But, he says, the quality of life in his community has deteriorated. "The spd isn't socially responsible anymore," he gripes. "They're not looking after the needs of the common worker." The Christian Democrats are not the only alternative...
...market in European business chiefs, it might be time to sell. Deutsche Bank CEO Josef Ackermann in late January flashed a victory sign and a broad smile as he walked into court to face breach-of-trust charges related to the 2000 takeover of German telecom firm Mannesmann by the U.K. 's Vodafone. He created a huge outcry about rich, arrogant executives. "Managers have lost contact with reality and live in an illusory world," railed Hans Leyendecker, a commentator for Süddeutsche Zeitung. Similarly, Italians have been wringing their hands since the discovery of massive fraud at Parmalat, wondering...
JOSEF ACKERMANN, Deutsche Bank CEO, on Day 1 of his trial for alleged breach of trust related to Vodafone's 2000 takeover of Mannesmann...
...must pay damages to Kirch. If that wasn't bad enough, Deutsche's chief executive Josef Ackermann goes on trial with five others in Düsseldorf this week. The charges stem from the €15 million bonus paid to Klaus Esser, former CEO of telecom and engineering giant Mannesmann, after it was taken over by Britain 's Vodafone. Thus far, investors don't seem put out; the bank's stock is near a 52-week high. But how is the bank supposed to get business done with its boss on trial for six months?—By Charles P. Wallace...
...investigation, but excuse themselves if the case goes to court. So far, Deutsche Bank is supporting Ackermann's stance, and others have defended him - including Germany's Finance Minister, Hans Eichel. "Herr Ackermann has our full confidence," Eichel told reporters. Although not directly connected to his bank job, the Mannesmann case typifies the head-on collision between Ackermann's brash style of management and the bank's more cautious German approach. Ackermann, who is Swiss, is the first non-German to head the bank in its 133-year history. He has aimed to make it function more like an American...