In an unexpected corporate announcement, Corestate Capital says until further notice two board members will assume the responsibilities of its CEO.
Corestate Capital has parted company with its CEO, Michael Bütter.
The announcement was made by the Luxembourg-headquartered company on 29 December at 16:15 CET with a statement that Corestate Capital ‘terminates the employment of Michael Bütter and revokes the employment contract by the end of the year’. Bütter said Corestate Capital had terminated his employment by mutual agreement.
Until further notice, the CEO’s responsibilities are being assumed by two board members Lars Schnidrig and Thomas Landschreiber. Schnidrig temporarily assumes the function of chairman of the management board.
Corestate Capital did not provide an explanation for the immediate departure. It did say, however, that the separation of Bütter ‘neither has any conjunction with the operational performance nor with the strategic orientation of the company’.
The most recent financial guidance for the publicly-listed firm came in November 2018 and indicated the dividend for fiscal year 2018 remained unchanged. The company expects aggregated revenues of €270 to 280mln, adjusted EBITDA of €160 to 170mln and adjusted net income of €125 to 135 mln.
Bütter had been in the post less than eight months before being given his marching orders for reasons as yet unpublicised. He took over as CEO on 1 May succeeding Sascha Wilhelm having spent two years as a member of the company’s senior advisory circle.
Corestate employs more than 730 staff and manages €25bn of assets. It has enjoyed strong AUM growth in the last 24 months mainly thanks to a series of corporate acquisitions.