February 13, 2017 / 9:23 AM / 9 months ago

Osram CEO to have contract renewed for 5 years - source

FRANKFURT (Reuters) - Olaf Berlien, chief executive of German lighting group Osram (OSRn.DE), is to have his contract renewed for five years, a source familiar with the matter told Reuters on Monday, confirming a report in Manager Magazin.

Light bulbs of lamp manufacturer Osram are seen in a shop in Germering, near Munich, November 28, 2012. REUTERS/Michaela Rehle/File Photo

Berlien has decided to invest a billion euros ($1.07 billion) in expanding Osram’s LED semiconductor business - a strategy that caused dismay among investors when he announced it in late 2015 but has gradually gained acceptance.

He took over at Osram in January 2015 and his contract runs until the end of 2017. The source said the supervisory board would approve the renewal before Tuesday’s annual general shareholder meeting.

A spokesman for Osram declined to comment on the matter.

($1 = 0.9390 euros)

Reporting by Georgina Prodhan; Editing by Harro ten Wolde

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