DGAP-News: paragon AG Converts to Partnership Limited by Shares and Bolsters Company Management With Experienced Executives (news with additional features)
DGAP-News: paragon GmbH & Co. KGaA / Key word(s): Miscellaneous/Change of Personnel
paragon AG Converts to Partnership Limited by Shares and Bolsters Company Management With Experienced Executives
- Change of legal form effective today with entry into the commercial register
- Dr. Matthias Schöllmann, formerly of Hella, to lead the automotive business starting September 1
- Christian Johannsen, formerly of Webasto, took over as Chief Financial Officer on July 1
Delbrück, Germany, July 5, 2018 - Today, paragon AG [ISIN DE0005558696] is completing its conversion into a partnership limited by shares (KGaA), which was ratified by the Annual General Meeting on May 8. This change of legal form ensures that paragon will remain a family business while increasing its access to the capital market. Company founder and previous Chief Executive Officer Klaus Dieter Frers is the Chairman of the Board of paragon GmbH, which is the general partner of paragon GmbH & Co. KGaA. On September 1, long-time Hella manager Dr. Matthias Schöllmann will join management and take over as head of the automotive business.
With today's entry of the change of legal form into the commercial register, all owner shares of paragon AG will no longer be listed. However, trade does not have to be interrupted for this conversion, as the listing will continue seamlessly with the shares of
"This company is dear to my heart. My family and I want to continue to assure the success of paragon in the future as the anchor shareholder," comments Klaus Dieter Frers on the completed conversion. "paragon will grow to entirely new dimensions over the coming years, which will require additional management resources. I am therefore pleased that we were able to recruit an internationally experienced executive with outstanding expertise in the automotive supplier industry in Dr. Matthias Schöllmann. Dr. Stefan Schwehr, formerly Chief Technology Officer (Electronics), will focus more on new digital issues and corresponding collaborations as Managing Director of paragon GmbH. Under his leadership, we will expand our portfolio to include speech-enabled and cloud-based offerings."
Dr. Matthias Schöllmann, formerly Managing Director at Hella, will be responsible for the automotive business of paragon GmbH, consisting of the units Sensors, Acoustics, Cockpit and Body Kinematics, as Managing Director. "After many successful years at Hella, I was looking for close proximity to products, customers and markets," explains Dr. Schöllmann. "I've been following the paragon success story for a long time now. paragon is a very fascinating company and operates in very attractive emerging markets."
As Chairman of the Board of paragon GmbH, the general partner of
Dr. Matthias Schöllmann (48) was a member of management of Hella GmbH & Co. KGaA for the past five years and was in charge of original equipment sales. Schöllmann had previously performed various management duties in the sales, program management and development divisions, with a very heavy focus on electronics.
Christian Johannsen (50) was most recently in charge of controlling of the Heating Systems business unit at Webasto Thermo & Comfort SE in Gilching, Germany. Johannsen had worked in leading controlling positions at the Hella Group in Lippstadt, Germany, before joining Webasto ten years ago.
At the start of trading on July 6, 2018, the securities description will be changed from paragon AG to paragon GmbH & Co. KGaA with the ISIN DE0005558696. The paragon GmbH & Co. KGaA shares will then be tradable from July 6, 2018, when the stock exchange opens. Clearstream Banking AG will automatically change over the shareholders' securities accounts to the new company name. The shareholders will not be charged any commissions or fees.
Subtitle: Dr. Matthias Schöllmann, neues Mitglied der Geschäftsführung der paragon GmbH
Document title: paragon AG Converts to Partnership Limited by Shares and Bolsters Company Management With Experienced Executives