December 15, 2017 / 10:31 AM / a month ago

UPDATE 1-Boehringer CFO Menne quits in differences over strategy

(Adds details on departure, Boehringer’s business, Menne’s career)

By Ludwig Burger

FRANKFURT, Dec 15 (Reuters) - The chief financial officer of unlisted Boehringer Ingelheim, Simone Menne, will quit Germany’s second-largest pharmaceuticals company at year-end after just 16 months in office because of differences over strategy.

“In discussions on the family company’s strategy over the course of the year it became obvious that the assessments and the concepts could not always be reconciled. Simone Menne has therefore decided to pursue her career outside the company,” the family-owned company said in a statement on Friday.

Monthly Manager Magazin had reported on Thursday that her hopes were dashed that the founding family would seek a stock market listing or enter the bond market, leading to frictions with the chief executive and great-grandson of the company’s founder, Hubertus von Baumbach.

Menne joined Boehringer in September 2016 after a 25-year career at airline Deutsche Lufthansa, where she became the first female CFO at a German blue-chip company.

During that time she also spoke of her ambition to become chief executive of a company in Germany’s leading stock market index DAX 30.

Michael Schmelmer, Boehringer’s global head of information technology, will take over as finance chief on Jan. 1, also joining the management board, the group said in the statement.

Boehringer is targeting a marked gain in 2017 revenues, up from 15.9 billion euros ($18.8 billion) in 2016, boosted by new animal health businesses it acquired in a swap for its consumer healthcare business with Sanofi.

Boehringer, which invented mass production of baking powder in the 1890s, is active in areas such as cardiovascular, respiratory as well as cancer medicine and it collaborates on diabetes drugs with Eli Lilly. ($1 = 0.8475 euros) (Reporting by Ludwig Burger; Editing by Maria Sheahan)

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