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LAXintl
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Lufthansa CFO Resigns

Fri Jun 10, 2016 8:01 pm

LH Group chief financial officer Simone Menne announced her departure and early termination of her employment contract effective August 31st as she will assumes a similar role with a German pharmaceutical company instead.

The surprise news saw LH shares drop 5.7 percent Friday. Menne had been employed by LH since 1989.


Lufthansa Drops as CFO’s Surprise Exit Complicates Revamp
http://www.bloomberg.com/news/articl...-simone-menne-decided-to-step-down

http://atwonline.com/people/lufthansa-cfo-simone-menne-resigns
http://atwonline.com/people/lufthansa-cfo-simone-menne-resigns

=

Certainly wonder why. Was there some C suite disagreement about long term strategy review at LH which she was part of???
 
na
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RE: Lufthansa CFO Resigns

Fri Jun 10, 2016 8:07 pm

I think that she realised that the post of CFO was as high as she could rise at LH.
She said she´s fit to become a CEO, but is leaving for Boeringer Ingelheim to become CFO there again. Boeringer is not far from Frankfurt and one of the biggest privately owned companies in Germany.
 
aloges
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RE: Lufthansa CFO Resigns

Fri Jun 10, 2016 8:18 pm

Odd... she did essentially the same thing as Christoph Franz. Go where (more of) the money is, I suppose.
 
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vfw614
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RE: Lufthansa CFO Resigns

Fri Jun 10, 2016 9:51 pm

Although it is difficult to believe for a.netters, not everybody working in the industry would sell an arm and a leg for staying in the industry. Most likely, the pharmaceutical industry pays a much better salary than an airline and also offers better career perspectives for a woman.The CFO was known to be rather ambitious, but obviously she saw little chance to become Lufthansa CEO and thus left.
 
chootie
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RE: Lufthansa CFO Resigns

Fri Jun 10, 2016 10:24 pm

.... Finally, the woman was only into herself. She did nothing positive for the workforce and only thought about the bottom line for the company. Well, this led to lots of strife, and strikes by various branches of the company. Good riddance, and may she fly her broom to the next company. My   

Btw, with all the savings and cost cutting going on, she always had her business class/best class seat on a plane, even if overbooked...... go figure.
 
spartanmjf
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RE: Lufthansa CFO Resigns

Fri Jun 10, 2016 10:37 pm

Quoting chootie (Reply 4):
She did nothing positive for the workforce and only thought about the bottom line for the company.

As CFO, that is her job.
 
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HGL
Posts: 330
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RE: Lufthansa CFO Resigns

Sat Jun 11, 2016 3:01 am

Quoting chootie (Reply 4):
She did nothing positive for the workforce and only thought about the bottom line for the company.

An airline is not a philanthropic association or social club. It is a business and the role of the CFO is to seek to maximise the return on investments for the shareholders. Part of that may require company restructures, reduction in costs, etc. This will never make the CFO popular with the workforce.

The last remark about flying a broomstick, with the inference of a woman being a witch, would never be said about a male CFO and is misogynic.
 
blueflyer
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RE: Lufthansa CFO Resigns

Sat Jun 11, 2016 5:55 am

So she did what CFOs all over the world do every year and the stock goes down... Odd indeed.
 
jetwet1
Posts: 3384
Joined: Thu Jun 14, 2007 4:42 am

RE: Lufthansa CFO Resigns

Sat Jun 11, 2016 7:52 am

Quoting chootie (Reply 4):
Finally, the woman was only into herself. She did nothing positive for the workforce and only thought about the bottom line for the company. Well, this led to lots of strife, and strikes by various branches of the company. Good riddance, and may she fly her broom to the next company. My
Quoting spartanmjf (Reply 5):
As CFO, that is her job.

Exactly, it's not her job to worry about the happiness of the employees, it's her job to watch the finance, accounting, and the investment activities of the company, end of story.

Quoting chootie (Reply 4):
Btw, with all the savings and cost cutting going on, she always had her business class/best class seat on a plane, even if overbooked...... go figure.

Again, as this comes up on A'Net every now and again, just to be clear, if you want to recruit competent executives to your company, especially one the size of LH, they will be riding up front, yes there are companies that don't do it, but the vast majority do.

Quoting HGL (Reply 6):
The last remark about flying a broomstick, with the inference of a woman being a witch, would never be said about a male CFO and is misogynic.

I wouldn't go that far, we've seen many male CEO's etc called far worse than a witch on here.

Quoting na (Reply 1):
I think that she realised that the post of CFO was as high as she could rise at LH.

That's where I would put my money, though, just a personal thing, from what I have seen CFO's make lousy CEO's, always look to the COO for your companies next CEO, just a personal observation.
 
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vfw614
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Joined: Mon Dec 10, 2001 12:34 am

RE: Lufthansa CFO Resigns

Sun Jun 12, 2016 11:59 am

from what I hear, the board tried very hard to keep her and that the share value took a dive after the announcement speaks volumes about how the market sees her role among the LH top executives.
 
hiflyer
Posts: 1274
Joined: Wed Nov 24, 2004 1:38 am

RE: Lufthansa CFO Resigns

Sun Jun 12, 2016 1:27 pm

Seems that a lot of the "sudden" CFO departures in the airlines industry precedes bad news coming...UA's walked right before the Smisek story broke as a quite recent example.   
 
PanHAM
Posts: 9719
Joined: Fri May 06, 2005 6:44 pm

RE: Lufthansa CFO Resigns

Sun Jun 12, 2016 2:37 pm

......simple reason, she can climb up the ladder from CFO to CEO at her new employer, something Lh could not offer

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