Varta boss Herbert Schein resigns as CEO

Herbert Schein

The Varta boss has resigned.

(Photo: Varta)

Stuttgart The CEO of the battery group Varta, Herbert Schein, will resign from his office with immediate effect. However, he will remain on the board until the end of the year, as the company announced on Thursday. Varta cited the establishment of a new business area as the reason. Schein is to promote the business with e-mobility and battery packs. The activities are to be bundled in a separate company in the future.

Markus Hackstein will assume the position of board spokesman, it said. In the future, the Management Board will consist of three people.

The stock, which is listed on the MDax, increased its losses in the afternoon and fell by almost five percent.

Last Friday, the battery manufacturer dropped its targets for this year due to the rise in energy prices, causing the share price to fall. The company announced that both the outlook for the current financial year and the forecast for the third quarter would have to be withdrawn. It is currently not possible to make new forecasts.

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The management can only pass on the high energy prices to customers to a limited extent and with a delay, it said. In addition, two large orders were delayed. Varta had already lowered its annual targets at the beginning of August due to the gloomier economic outlook and high costs.

Varta produces button cells for headphones and hearing aids, for example, as well as large lithium-ion batteries for storing energy in houses and apartments. The household battery business has been part of the company with 4,800 employees for three years now.

More: Varta cancels forecast – share more than 31 percent in the red

Handelsblatt energy briefing

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