Lufthansa stocks fell as much as 4.2 per cent on Friday after the German airline announced the surprise departure of chief financial officer Simone Menne, said a report.Menne will resign effective August 31 to pursue individual career options, the company said in a statement late Thursday, adding it will choose a successor shortly. Menne, a member of the carrier’s board since 2012, said that she eventually wanted to head a company in Germany’s benchmark DAX30 stock index.
Menne has helped chief executive officer Carsten Spohr steer the company through years of restructuring that included setting up low-cost arm Eurowings, as well as cutting benefits and pay for entry-level workers, both of which have been met by fierce opposition from unions. She also helped safeguard the company’s investment grade rating, a rare status among airlines.
Deutsche Bank is another company that get’s a hammering today. Low interest rates, record-low yields will weigh on company’s profits. Deutsche is considered as a bank with one of the most unstable financial situation that may lead to a greater problem.
Deutsche and Lufthansa stocks could be found on x-Station.
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