New details emerge in boardroom tiff at major German broker [Reuters]
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Source: Reuters
claiming that a significant contingent of investors had demanded a change of chief executive in November but was stalled by the chair. Investors representing 35% of shares at the online broker, FlatexDegiro , wrote to the company's supervisory board in November asking it to replace the CEO, Frank Niehage. But the request was initially ignored by the board's chair and only taken up after repeated entreaties, the document seen by Reuters said. Niehage suddenly but now the focus is on Chair Martin Korbmacher. The recounting of events was described in a document for the broker's annual general shareholder meeting next month. The version of events is presented as justification for ousting Korbmacher at that meeting. FlatexDegiro declined immediate comment. Korbmacher did not immediately respond to a request for comment. He has previously declined to comment or not responded to requests. The broker's top investor and company founder Bernd Foertsch has been behind the push to o
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