March 6, 2020 / 6:22 PM / in a month

AMS taps executive at takeover target Osram as finance chief

FRANKFURT (Reuters) - Austrian sensor maker AMS (AMS.S) has hired the finance chief of Osram (OSRn.DE), the German lighting specialist that AMS is buying, to the equivalent role, making good on a pledge it made as part of the takeover.

Osram’s Ingo Bank will become chief financial officer at AMS from May 1, replacing Michael Wachsler, AMS said on Friday.

Under the takeover deal, which has seen AMS secure nearly 60% of Osram shares, the Austrian group agreed to appoint one Osram executive to AMS’s executive board, and that one AMS board member would be based in Munich.

AMS’ supervisory board will propose current CFO Wachsler as future board member to be voted on at the 2022 annual general meeting, following a two-year cooling-off period, it added.

AMS confirmed its first quarter guidance of $480-$520 million in sales and an adjusted operating profit margin of 19%-21%.

Reporting by Ludwig Burger and Alexander Huebner; Editing by Kirsten Donovan

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