Resigning CEO Paul Lembrechts remains tied to FNG: a new CEO has not yet been found. Lembrechts wanted to leave after not getting a pay raise, but for the time being he remains in post
Lembrechts remains available
At the end of October, FNG’s shareholders’ meeting came to a standstill when CEO Paul Lembrechts suddenly resigned. Lembrechts threw in the towel after the shareholders voted against a hefty pay rise.
In the meantime, the one-month notice period has passed, but a new CEO has not yet been found. Lembrechts, who previously also headed the Flemish public broadcaster VRT, says he will remain available “until a successor is found”, a spokesperson told the Belgian newspaper De Tijd.
Meanwhile, there is a new chairman for the board of directors, a task that Lembrechts previously took upon himself. Alain Hellebaut has been on the board of directors since June. Hellebaut is also head at the Maxi Toys toy formula and guided that company through turbulent times after the collapse of the Blokker group. Nowadays, the chain is part of the French group King Jouet.
Going public in early 2022?
The main task of Hellebaut and Lembrecht’s successor remains to bring Ellos to the stock exchange. In October, the IPO was postponed due to the difficult investment conditions, but now a partial IPO is planned for the beginning of next year.
FNG urgently needs the capital, because last year the company, formerly the parent company of Brantano, made a net loss of 77 million euros. Shareholders affected by the bankruptcy, from individual investors to former Ellos owner Nordic Capital, also continue to claim damages in court.
