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Stock exchange listed firm bene replaced directors

The stock exchange listed office furniture company Bene has replaced directors Frank Wiegmann and Dr. Wolfgang Neubert after staging an extraordinary general meeting shortly before Christmas.

The firm, listed on the Vienna stock exchange and based at Waidhofen an der Ybbs has replaced the two with Mag. Rudolf Payer (52) as the new CFO , who was formerly with Price Waterhouse Wien and GiroCredit and new COO is German born Michael Feldt (44) , formerly with Apple and IBM in America.

According to the report on presstext (http://adhoc.pressetext.com/news/20121217006) the Chairman of the Board of Directors Manfred Bene said: "If we increase our turnover by 16.2% over the previous year, but income still continues to worsen then something is being done wrong.

"As a result, the board has decided to go ahead with this change in management with immediate effect. I'm confident that with our strong position in the market, our excellent service facilities and network and our innovative products that we will be able to achieve a turnaround next year."

As earlier reported the listed office furniture producer grew in all segments in the first three quarters of 2012/13 and the company’s turnover rose 16 per cent to 159.3 million Euro. In spite of this rise, the net result for the period was a loss of 7.8 million Euro for the company. When added to last year’s loss of 4 million Euro this means that the company has slipped further into the red.

There could be several explanations for the negative figures. For one, Bene invested in distribution and logistics and opened up new markets in Asia.

The company also experienced a fall in profit from retail business and day-to-day business which they had not anticipated. In the third quarter, Bene sold their products too cheaply and the company also invested more in the development of new products such as dividing screens for large office rooms.

Bene AG employed 1,380 workers at the end of October 2013, which is 4.5 per cent more than last year.

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