Following an extremely bad week for Rocket Internet (and consequently for Kinnevik, a major investor in the company and several of the e-commerce companies spawned by the Berlin-based incubator), the former is removing two representatives of the latter from its supervisory board.

In a statement, Rocket says Kinnevik CEO Lorenzo Grabau and his lieutenant Erik Mitteregger will both resign from the supervisory board on 9 June, and proposes Stefan Krause and Pierre Louette to be elected as new members at the annual general meeting on the same date.

The publicly-listed company did not provide a reason for the shake-up.

Krause is the former CFO of Deutsche Bank as well as former CFO and member of the Management Board for sales and marketing of BMW. Louette is CEO Delegate of Orange in charge of the General Secretariat, Orange Digital Ventures, Orange Wholesale France, Group Sourcing and Supply Chain.

Professor Dr Marcus Englert, former ProSieben digital media manager and currently chairman of Rocket's supervisory board, said: "We would like to thank Lorenzo Grabau and Erik Mitteregger for their significant efforts to bring Rocket Internet to the public markets and their valuable insight and advice."

On a side note: Englert was just recently appointed chairman of said board - replacing Grabau.

There have long been reports on disagreements on the supervisory board about Rocket's strategy, and its falling stock price and other moves - such as the massive Global Fashion Group downround - can't help much. Some people even expect Kinnevik to exit Rocket altogether (opinion piece in Swedish).

To be continued, no doubt.

(Via Reuters)

Comments are closed.