FRANKFURT, Jan 24 (Reuters) - German electronic chipmaker Infineon's director Klaus Wucherer does not expect UK pension fund Hermes will be able to stop his election as chairman of the supervisory board on Feb. 11, he told German newspaper Die Welt.
'I anticipate the proposal of the supervisory board to elect me will be accepted. I am not worried,' he said in an interview to be published on Monday.
Supported by several other investment funds, Hermes is campaigning for ZF Friedrichshafen finance chief Willi Berchtold to head the Infineon board whereas Chairman Max Dietrich Kley wants long-serving board member Wucherer to replace him.
'Naturally shareholders have the right to propose their own candidate but it would have been better if that had taken place earlier and in a more orderly manner. Now the disturbance is great and it is damaging for Infineon,' Wucherer said.
In an interview with Britain's Financial Times, Wucherer said he would look to meet the investors who have spoken out against his proposed appointment, possibly as early as this week.
'Once we have an overview over what is going on, we will make sure to approach these investors,' he said in comments published on the FT's website.
'Investors recognise today that we are well on track operationally and possess a very healthy financing structure. We must continue down the path to further operational progress and margin growth, and for that we do not now need destabilising personnel bickering,' he explained to German paper Die Welt.
Infineon needs to achieve an operating profit margin of over 10 percent in its business fields, Wucherer said.
'The restructuring is not yet complete, we need to be leaner and reduce our costs,' he continued, adding that Infineon could continue to manufacture in Germany if the company retains an innovative edge.
(Reporting by Christiaan Hetzner; Additional reporting by Victoria Bryan in London; Editing by Tim Dobbyn) Keywords: INFINEON/ (christiaan.hetzner@thomsonreuters.com; Reuters Messaging: christiaan.hetzner.reuters.com@reuters.net; +49 69 7565 1249) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'I anticipate the proposal of the supervisory board to elect me will be accepted. I am not worried,' he said in an interview to be published on Monday.
Supported by several other investment funds, Hermes is campaigning for ZF Friedrichshafen finance chief Willi Berchtold to head the Infineon board whereas Chairman Max Dietrich Kley wants long-serving board member Wucherer to replace him.
'Naturally shareholders have the right to propose their own candidate but it would have been better if that had taken place earlier and in a more orderly manner. Now the disturbance is great and it is damaging for Infineon,' Wucherer said.
In an interview with Britain's Financial Times, Wucherer said he would look to meet the investors who have spoken out against his proposed appointment, possibly as early as this week.
'Once we have an overview over what is going on, we will make sure to approach these investors,' he said in comments published on the FT's website.
'Investors recognise today that we are well on track operationally and possess a very healthy financing structure. We must continue down the path to further operational progress and margin growth, and for that we do not now need destabilising personnel bickering,' he explained to German paper Die Welt.
Infineon needs to achieve an operating profit margin of over 10 percent in its business fields, Wucherer said.
'The restructuring is not yet complete, we need to be leaner and reduce our costs,' he continued, adding that Infineon could continue to manufacture in Germany if the company retains an innovative edge.
(Reporting by Christiaan Hetzner; Additional reporting by Victoria Bryan in London; Editing by Tim Dobbyn) Keywords: INFINEON/ (christiaan.hetzner@thomsonreuters.com; Reuters Messaging: christiaan.hetzner.reuters.com@reuters.net; +49 69 7565 1249) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
