Word: mannesmann
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...five years. That corporate nightmare became a reality on Sept. 19 when a German regional court in Düsseldorf confirmed that Ackermann, 55, would stand trial along with five other German executives in a case tied to the €180 billion takeover of Germany's Mannesmann by the British mobile-phone company Vodafone in 2000, the largest corporate merger in European history. Ackermann and three of the others, including the former national labor leader Klaus Zwickel, were members of Mannesmann's supervisory board at the time and are charged with "breach of trust," a violation of fiduciary duty...
Ackermann and his codefendants vehemently deny the charges, saying that Esser and the others deserved the payouts because they had presided over a huge increase in Mannesmann's market value. "An exceptional performance was being honored," Ackermann told Manager Magazin in June. "Such things are quite natural in other countries, but in Germany you are persecuted by public prosecutors and pre-judged by some of the media." Ackermann says he isn't stepping down even temporarily from...
...Ackermann is under fire for his role at Mannesmann, but he’s won praise for his running of Deutsche Bank pro • Took a hatchet to bloated costs • Revamped board structure • Dumped stake in dozens of firms con • Clashed with German tradition • Not as profitable as key rivals • Faces possible five-year prison term if convicted...
...bouncing firms into administration where it's not necessary." You can almost see the lawyers getting in line. When Payoffs Don't Pay A German court ordered Deutsche Bank CEO Josef Ackermann to stand trial for alleged breach of trust during Vodafone's 2000 takeover of German wireless operator Mannesmann. Ackermann, then a member of Mannesmann's supervisory board, was charged in February with sanctioning excessive payments to the firm's executives...
...Italian automaker, which is asking shareholders for a capital increase. It was the latest sign of a policy shift by Deutsche CEO Josef Ackermann. For decades, Deutsche amassed a huge portfolio. But now Ackermann, who has been indicted for alleged breach of trust during Vodafone's 2000 takeover of Mannesmann, is selling; he wants to focus on traditional banking. Deutsche last year unloaded 33.7 billion worth of stock, including its entire 7.2% stake in insurer Munich Re. Fiat insists that Deutsche still supports its restructuring plans, but it's likely the bank will dump its 1.6% stake altogether. True...