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<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("https://www.ft.com/content/9ff4e4e6-86cf-11e3-aa31-00144feab7de?ftcamp=published_links%2Frss%2Fcompanies%2Ffeed%2F%2Fproduct&hpt=ibu_bn4","20241203081947","https://web.archive.org/","web","/_static/", "1733213987"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <meta charset="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>Lanxess chief Heitmann to quit as profits fall</title><meta name="description" content="Heitmann to step down as reliance on car sector takes toll"/><link rel="canonical" href="https://web.archive.org/web/20241203081947/https://www.ft.com/content/9ff4e4e6-86cf-11e3-aa31-00144feab7de"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"https://web.archive.org/web/20241203081947/http://schema.org","@type":"NewsArticle","headline":"Lanxess chief Heitmann to quit as profits fall","datePublished":"2014-01-26T23:31:20.000Z","dateModified":"2024-02-17T13:45:49.000Z","description":"Heitmann to step down as reliance on car sector takes toll","isAccessibleForFree":"False","isPartOf":{"@type":["CreativeWork","Product"],"name":"Financial Times","productID":"ft.com:subscribed"},"image":{"@type":"ImageObject","@context":"https://web.archive.org/web/20241203081947/http://schema.org","url":"https://web.archive.org/web/20241203081947/https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fcom.ft.imagepublish.upp-prod-eu.s3.amazonaws.com%2F12b825ea-0771-11e2-92b5-00144feabdc0?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1","width":2048,"height":1152},"author":[{"@type":"Person","@context":"https://web.archive.org/web/20241203081947/http://schema.org","name":"Chris Bryant","url":"https://web.archive.org/web/20241203081947/https://www.ft.com/chris-bryant","worksFor":{"@type":"Organization","@context":"https://web.archive.org/web/20241203081947/http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"https://web.archive.org/web/20241203081947/http://schema.org","url":"https://web.archive.org/web/20241203081947/https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://web.archive.org/web/20241203081947/https://www.ft.com","sameAs":["https://web.archive.org/web/20241203081947/https://www.twitter.com/FT","https://web.archive.org/web/20241203081947/https://www.facebook.com/financialtimes","https://web.archive.org/web/20241203081947/https://www.linkedin.com/company/financial-times","https://web.archive.org/web/20241203081947/https://www.youtube.com/user/FinancialTimesVideos","https://web.archive.org/web/20241203081947/https://www.instagram.com/financialtimes"]}}],"articleBody":"Lanxess chief executive Axel Heitmann is to stand down after the speciality chemical company’s profits were hit by growing competition and its reliance on weak European automotive markets.\n\nMr Heitmann, who has led the Cologne-based company since it was spun off from Bayer in 2004 and whose leadership helped it gain a place in Germany’s blue-chip Dax index in 2012, is to leave at the end of this month.\n\nHe will be succeeded by Matthias Zachert, a former Lanxess chief financial officer who is now CFO at Merck KGaA, the German pharmaceutical and chemical group. Mr Zachert, who is renowned for his clear communication with the markets, is expected to take up the post by mid-May at the latest.\n\nLanxess’s supervisory board chairman Rolf Stomberg said the company was facing “significant challenges”, in terms of “market capacities and business portfolio”.\n\n“Therefore, the supervisory board believes it is the right time to hand over responsibility to a new leadership in order to overcome these challenges,” he said.\n\nMr Stomberg thanked the departing chief for his service, saying he had “played a key role in shaping the company since its creation”.\n\nLanxess was formed from a collection of unwanted, low margin Bayer chemical assets. Many of its business units were lossmaking, a high proportion of its plants were in high-cost Germany and it was also weighed down by a large debt.\n\nMr Heitmann sold a quarter of the portfolio and embarked on an ambitious investment strategy.\n\nLanxess stock more than quadrupled in value over Mr Heitmann's first seven years in charge. But in the past year the share price has fallen by a third.\n\nLanxess said the decision to end Mr Heitmann’s tenure early was taken by “mutual agreement”. His contract was due to expire in 2017.\n\nAn industry source said Mr Heitmann disagreed with the supervisory board over strategy and had not responded decisively enough to excess capacity and pricing pressure in key rubber markets.\n\nThe company has relied primarily on organic investments rather than M&A to diversify its portfolio. About 40 per cent of the company’s sales remain linked to the automotive and tyre industries which have suffered in the depressed state of the European car market.\n\nNot only are fewer cars being sold in Europe but car owners are driving less, delaying the need for replacement tyres.\n\nAnnouncing 1,000 job cuts in September, Mr Heitmann spoke about a “temporary weakness” in Lanxess’s synthetic rubber business.\n\nYet Commerzbank told clients in a recent note that “given the anaemic pace of the tyre market recovery, customer downtrading in Europe and a more aggressive customer base, we continue to consider a return to 2011/2012 margin levels as unlikely in the medium to long term”.\n\nThe company declined to elaborate on the reasons for Mr Heitmann’s departure beyond those given by the supervisory board chairman.\n\nIn August the company revised down its profit guidance after reporting a 95 per cent drop in second quarter net profit. Lanxess reports full-year earnings on March 20.","wordCount":516,"publisher":{"@type":"Organization","@context":"https://web.archive.org/web/20241203081947/http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"https://web.archive.org/web/20241203081947/http://schema.org","url":"https://web.archive.org/web/20241203081947/https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://web.archive.org/web/20241203081947/https://www.ft.com","sameAs":["https://web.archive.org/web/20241203081947/https://www.twitter.com/FT","https://web.archive.org/web/20241203081947/https://www.facebook.com/financialtimes","https://web.archive.org/web/20241203081947/https://www.linkedin.com/company/financial-times","https://web.archive.org/web/20241203081947/https://www.youtube.com/user/FinancialTimesVideos","https://web.archive.org/web/20241203081947/https://www.instagram.com/financialtimes"]}}</script><script 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class="article-info__timestamp o-date" datetime="2014-01-26T23:31:20.000Z">January 26 2014</time></div><a id="o-comments-count" data-o-component="o-comments" data-o-comments-article-id="9ff4e4e6-86cf-11e3-aa31-00144feab7de" data-o-comments-count="true" data-o-comments-article-url="https://www.ft.com/content/9ff4e4e6-86cf-11e3-aa31-00144feab7de" data-o-comments-title="Lanxess chief Heitmann to quit as profits fall" class="article-comment-count" title="Jump to comments section" href="#comments-anchor"><span class="o-normalise-visually-hidden">Jump to comments section</span></a><button class="article-print" data-component="print-button" data-trackable="print" title="Print this page"><span class="o-normalise-visually-hidden">Print this page</span></button></div><div class="article__content-sign-up"><div class="article__content-sign-up-topic-title">Unlock the Editor’s Digest for free</div><p class="article__content-sign-up-topic-description"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.</span></p><iframe class="article__content-sign-up-iframe close" scrolling="no" id="signUpIframe" data-prev-url="/register/in-article-sign-up?ft-content-uuid=9ff4e4e6-86cf-11e3-aa31-00144feab7de"></iframe></div><article id="article-body" class="n-content-body js-article__content-body" data-attribute="article-content-body" data-component="article-content-body"><p>Lanxess chief executive Axel Heitmann is to stand down after the speciality chemical company’s profits were hit by growing competition and its reliance on weak European automotive markets.</p> <p>Mr Heitmann, who has led the Cologne-based company since it was spun off from Bayer in 2004 and whose leadership helped it gain a place in Germany’s blue-chip Dax index in 2012, is to leave at the end of this month. </p> <p>He will be succeeded by Matthias Zachert, a former <a href="https://web.archive.org/web/20241203081947/http://www.ft.com/topics/organisations/Lanxess_AG" data-trackable="link">Lanxess </a>chief financial officer who is now CFO at Merck KGaA, the German pharmaceutical and chemical group. Mr Zachert, who is renowned for his clear communication with the markets, is expected to take up the post by mid-May at the latest. </p> <p>Lanxess’s supervisory board chairman Rolf Stomberg said the company was facing “significant challenges”, in terms of “market capacities and business portfolio”.</p> <p>“Therefore, the supervisory board believes it is the right time to hand over responsibility to a new leadership in order to overcome these challenges,” he said. </p> <p>Mr Stomberg thanked the departing chief for his service, saying he had “played a key role in shaping the company since its creation”.</p> <p>Lanxess was formed from a collection of unwanted, low margin Bayer chemical assets. Many of its business units were lossmaking, a high proportion of its plants were in high-cost Germany and it was also weighed down by a large debt. </p> <p>Mr Heitmann sold a quarter of the portfolio and embarked on an ambitious investment strategy. </p> <p>Lanxess stock more than quadrupled in value over Mr Heitmann's first seven years in charge. But in the past year the share price has fallen by a third.</p> <p>Lanxess said the decision to end Mr Heitmann’s tenure early was taken by “mutual agreement”. His contract was due to expire in 2017. </p> <p>An industry source said Mr Heitmann disagreed with the supervisory board over strategy and had not responded decisively enough to excess capacity and pricing pressure in key rubber markets. </p> <p>The company has relied primarily on organic investments rather than M&A to diversify its portfolio. About 40 per cent of the company’s sales remain linked to the automotive and tyre industries which have suffered in the depressed state of the European car market. </p> <p>Not only are fewer cars being sold in Europe but car owners are driving less, delaying the need for replacement tyres. </p> <p>Announcing 1,000 job cuts in September, Mr Heitmann spoke about a “temporary weakness” in Lanxess’s synthetic rubber business. </p> <p>Yet Commerzbank told clients in a recent note that “given the anaemic pace of the tyre market recovery, customer downtrading in Europe and a more aggressive customer base, we continue to consider a return to 2011/2012 margin levels as unlikely in the medium to long term”. </p> <p>The company declined to elaborate on the reasons for Mr Heitmann’s departure beyond those given by the supervisory board chairman. </p> <p>In August the company revised down its profit guidance after reporting a 95 per cent drop in second quarter net profit. 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