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Generational change at fashion Co ESCADA's BOD

Dec '05
Fashion house ESCADA AG announced Dr. Georg Kellinghusen will leave the ESCADA AG on December 31st 2005 by best mutual consent as part of the generational change.

Dr. Kellinghusen had been board member since 2000 with responsibility for finances, controlling and investor relations. At its meeting today the Supervisory Board of the ladies luxury fashion manufacturer appointed Markus Schürholz (41) as successor to take over on January 1st 2006.

Markus Schürholz joins the ESCADA Group from Douglas-Holding AG, where he had been Finance Director. He holds a MBA-degree and has seen assignments as commercial managing director for national and international business with the ELG Haniel Group and Ratiopharm International GmbH, among others.

With Dr. Kellinghusen handing over to Markus Schürholz the generational change in ESCADA's Board of Management, initiated by the September announcement of the change at the helm of the company, has now been completed. The company founder and CEO, Wolfgang Ley, is set to hand over his position to Frank Rheinboldt on January 31st 2006.

Mr. Rheinboldt comes in as former CEO of the ESCADA-own subsidiary PRIMERA AG, whilst Mr. Ley himself will continue working for the Group in a consulting capacity as “Creative Chairman”.

Peter Zühlsdorff, Chairman of ESCADA's Supervisory Board stated that over the last six years Dr. Kellinghusen has made a substantial contribution toward fostering a relationship with ESCADA's stockholders, analysts and banks that is characterized by trust and professionalism.

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