Hugo Boss Chairman Steps Down Amid Takeover Push
Hugo Boss chairman Stephan Sturm is stepping down from his role as British retailer Frasers Group advances its plans to take over the German fashion company. Frasers has agreed with Sturm on an orderly transition and seeks to increase its representation on the supervisory board.
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HUGO BOSS AG chairman Stephan Sturm will step down as FRASERS GROUP PLC pushes to take over the Germany-based fashion group, setting up a board transition. The departure marks a key victory for the United Kingdom retailer controlled by billionaire Mike Ashley. Frasers currently holds a 48% stake in Hugo Boss and plans to raise that holding above 50%.
