Fraport AG’s supervisory board has approved personnel changes for the company’s executive board effective April 1, 2007. Following a board meeting in Frankfurt, Fraport’s supervisory board chairman and Hesse Minister of Finance Karlheinz Weimar announced that Dr. Stefan Schulte, the company’s executive board member for finance (CFO) and construction, will take over the vice chairmanship of the executive board on this date.
He will assume this position currently held by Prof. Manfred Schölch, who has decided to leave the company on March 31, 2007. In his new task, 46-year-old Schulte will be responsible for Fraport’s airport expansion program, construction activities, flight and terminal operations as well as security.
Because of these executive board changes the Fraport supervisory board is now searching for a new CFO.
Weimar stressed that under executive board chairman Dr. Wilhelm Bender Fraport has dynamic and determined leadership - well positioned for handling the difficult challenges ahead in the air transportation industry. “Fraport will tackle these challenges with a strong executive team and a future-oriented strategic focus. Dr. Bender and his team have the complete support and trust of the supervisory board,” said Weimar.
Weimar further explained that Prof. Schölch, whose current contract runs until June 30, 2007, will be leaving the company at an important stage in Frankfurt Airport’s expansion program - namely, conclusion of the zoning procedure from Fraport’s side with the final submission of all documentation including additional appendices. Therefore, it makes “a lot of sense to hand over the vice chairmanship” at this point in time. Moreover, the crucial job of FRA’s expansion can be continued with uninterrupted energy.
In the future Prof. Schölch will be devoted to his presidency of ACI (Airports Council International) Europe and to consulting for Fraport.
Weimar highlighted Schölch’s outstanding service dedicated to developing FRA. Since joining the Frankfurt Airport company in 1971, Schölch has become FRA’s “airport wise man,” and he has significantly influenced the growth of Germany’s main aviation hub. He has forged the path to FRA’s expansion with skill, good judgement, and responsibility.
Commenting on Dr. Schulte’s appointment as Fraport’s executive board vice chairman, Weimar said that Schulte has proven himself: Solid financial policy, know-how, team spirit and strategic thinking have characterized his time in office at Fraport. Furthermore, Schulte has “gainfully handled operative matters that extend far beyond his board responsibilities of finance and construction.” That’s why the supervisory board is particularly confident about his future contribution to the company’s success.
In conclusion, Weimar explained that the supervisory board looks forward to continued cooperation with long-term CEO Dr. Bender and his new executive team.
BIOGRAPHY - Dr. Stefan Schulte:
Since April 2003, Dr. Stefan Schulte (46) has been Fraport AG’s executive board member responsible for finance (chief financial officer or CFO) and construction. He is also responsible for various units including controlling, finance and accounting; investor relations; global investments and management; information technology; as well as real estate and facility management.
From 2001 to 2003 Dr. Schulte served on the executive board of Cologne-based Deutz AG, where he was responsible for finance and human resources. A banker by training, Dr. Schulte studied for a doctorate degree and earned his “Dr. rel. pol.” in 1991. He began his career at Deutsche Bank’s group development department. Then he joined Mannesmann Arcor in Eschborn (near Frankfurt) as area director for controlling. Later Dr. Schulte became the board member for finance at Infostrada S.p.A., the Mannesmann/Vodafone group’s former Italian (Milan-based) fixed-network subsidiary.