21st Austria weekly - Valneva, FACC, Erste Bank, De Raj (18/09/2020)

Valneva: Valneva SE, a specialty vaccine company focused on prevention of diseases with major unmet needs, today announced the retirement of its Chief Financial Officer, David Lawrence, at the end of 2020. The Company has initiated a search process with a leading global recruitment agency to identify a new CFO, aiming for an on-boarding in the first quarter of 2021. Until the end of the year, David will manage a handover process to ensure a smooth transition with Manfred Tiefenbacher, VP Finance, who will assume responsibility for all operational finance matters. In addition, David has agreed to continue to support Valneva’s CEO in an advisory capacity in the early part of 2021.
Valneva: weekly performance: 29.02%

FACC: The aviation industry came under severe pressure worldwide due to the corona pandemic. It will take four to five years before the pre-Covid-19 level is reached again. FACC must adapt to the new market environment and respond to the reduced demand. At a works meeting today, the social plan that was worked out together with employee representatives was presented. The workforce will be adjusted from the current 3,350 to 2,700, 650 employees will have to leave the company due to the tense economic situation. "The current situation is very challenging for the entire industry. In recent weeks, new data has made it possible to evaluate the long-term forecasts for the development of the aircraft industry. The recovery will proceed slowly and take four to five years. We expect the aviation industry to reach the level before Corona from 2024 onwards. Despite our many efforts in recent months to integrate outsourced products into our own production, to expand the product portfolio through vertical integration and to create approximately 150 new jobs at the site as a result of these measures, we as a company will not be able to avoid adapting to the new market environment and making significant changes," says Robert Machtlinger, CEO of FACC AG, "We are aware that this intervention will be painful for all colleagues affected, but also for the company. In numerous constructive negotiations with the works council and our social partners, we together have worked out a social plan. It is very important to us to make the adjustments in the workforce socially acceptable for those affected. With the social plan now available, we have succeeded in doing this in a fair way.”
FACC: weekly performance: -5.17%

Erste Bank: Erste Bank Oesterreich CEO Peter Bosek today announced that, after 24 years at Erste including more than 13 years in various management board positions, he will resign as the bank’s chief executive officer and step down from Erste Group’s managing board. Bosek will be taking on the CEO role at Luminor Bank AS in the Baltics.
Erste Group: weekly performance: -4.24%

De Raj: In Vienna stock listed De Raj Group AG announced changes to its Management and Supervisory Board as cost-cutting measures related to the COVID-19 pandemic and a corresponding partial cease of operations. The number of Board Members has been reduced by half. Therefore Nicholas de Raj and Carlo Arachi retired from their positions on the Management Board of De Raj Group AG. Nagendran Nadarajah and Vaidyanathan Nateshan form the remaining members of the Management Board. The number of Supervisory Board members also was reduced by one to three.

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (18/09/2020)

Christian Drastil: Wiener Börse Plausch

Wiener Börse Party #632: Warum CA Immo, Immofinanz und RBI positiv bzw. voestalpine negativ auffallen, morgen April-Verfall

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1. Valneva, Labor, Credit: Valneva , (© Aussender)   >> Öffnen auf photaq.com

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