Charles Voegele Chairman and Vice Chairman Won't Stand For Reelection

Swiss clothing retailer Charles Voegele Holding AG (VCH.EB) Monday said chairman Bernd Bothe and vice chairman Felix Ehrat won't stand for reelection at the annual meeting due Apr. 1.
The decision is a response to the announcement by a shareholder group consisting of Laxey Partners (UK) Ltd., Cheyne Capital Management (UK) LLP, Sterling Strategic Value Ltd., Massimo Pedrazzini and other major shareholders that they will not support the reelection of Bothe and Ehrat.
Owing to this lack of support for the Chairman and Vice Chairman, whose strategy they have both shared and supported in recent years, long-standing members of the board Carlo Voegele and Daniel Sauter have also decided not to stand for reelection.
Given the clear balance of the votes that will be cast at the general meeting, these decisions will save the company unnecessary arguments.
Group management and the remaining members of the board will then be able to concentrate on the company's future.
"I regret having to take this step, but I respect the shareholders' decision. In the name of my colleagues, I would like to thank the Group Management and all the employees for their hard work, and I hope that the company will be able to continue its positive development under new leadership," said outgoing chairman Bothe.

Laxey Partners (UK) Ltd., Cheyne Capital Management (UK) LLP, Sterling Strategic Value Ltd., Massimo Pedrazzini