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Axel Springer To Trim Executive Board Size With Departure Of Andreas Wiele

German media holding company Axel Springer SE (AXELF.PK) announced Thursday its decision to reduce executive board to four members from five. The decision follows the planned resignation of Andreas Wiele, 57, from his position on the executive board.

Wiele will leave the company by end of May 2020, and will become a member of KKR's global senior advisory board next year. Additionally, he will establish himself as an entrepreneur and investor.

Wiele has served on the executive board of Axel Springer since October 2000. Since 2014, he is President Classifieds Media, which account for more than 60 percent of Group EBITDA and, until 2018, Marketing Media and CEO of Axel Springer Digital.

With the departure of Wiele, the board will consist of four members in future. Responsibilities for the Classifieds Media segment will be redistributed.

By June 1, 2020, at the latest, Stephanie Caspar, 45, President News Media National & Technology, will additionally take over the responsibility for AVIV Group. At the same time, Jan Bayer, 49, President News Media International, will assume additional responsibility for StepStone Group.

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