Top execs quit former Heubeck parent FJH
GERMANY - FJH, the embattled insurance software company that formerly owned German pensions adviser Heubeck AG, has announced the resignation of its chief financial officer as part of a shake-up of its management board.
FJH said CFO Thomas Meindl was stepping down at the end of July, adding that a successor would be named at a press conference on July 5.
Meindl’s resignation comes after FJH last week replaced its 63-year-old founder and chief executive Manfred Feilmeier with Ulrich Korff. Korff, 47, is the former head of Pensionata AG, a company specialising in investment products for older people.
An FJH spokeswoman said the departures “should be seen in the context of generational change at FJH”.
Feilmeier, who founded FJH together with board executive Michael Junker in the early 1980s, has left his firm amid losses.
FJH posted a pre-tax loss of €11.6m for the first half of the year amid declining demand from life insurers for its mainstay actuarial software. Its debt climbed to almost €20m by the autumn of 2004.
The difficulties prompted FJH to sell Heubeck – which it had acquired just a year and a half earlier.
New CEO Korff said: “Although it is currently going through a phase of restructuring, FJH, a key player in the field of insurance software, is a company with tremendous potential and offer good long-term prospects.”
Following the announcement of Meindl’s resignation last Friday, FJH’s share fell 10% before recovering to trade at around €2 on Frankfurt’s stock exchange.