Dr. Georg Kofler appointed new CEO

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Dr. Georg Kofler appointed new CEO of The Social Chain AG

  • Dr. Georg Kofler will take over as new CEO of The Social Chain AG from January 1, 2023

  • Current CEO Wanja S. Oberhof Becomes President of Social Chain US Inc. and Focuses on Expanding US Business

  • Ralf Dümmel takes over sole management of the DS Group

  • Costs are reduced by 30%: thanks to synergies, cost reductions and a more efficient organizational structure

  • Successful refinancing: working capital financing of 125 million euros secured for three years

  • Dr. Georg Kofler declares subordination, creating 36 million euros of additional equity

BERLIN, GERMANY/ACCESSWIRE/November 16, 2022/ Dr. Georg Kofler will take over as CEO of The Social Chain AG from January 1, 2023. The current CEO, Wanja S. Oberhof, will lead the US business as President of Social Chain US Inc. and will be furthermore responsible for all mergers and acquisitions activities of the group. Ralf Dümmel will concentrate entirely on the exclusive management of the DS Group with immediate effect and will therefore resign as a member of the Board of Directors.

In its new structure, The Social Chain AG is led by Dr. Georg Kofler as CEO and Andreas Schneider as CFO. Henrike Luszick and Henning Giesecke will continue to serve on the supervisory board of The Social Chain AG. A third member of the Supervisory Board will be appointed shortly.

30% cost reduction

Social Chain AG cuts costs by 30%. The cost reduction will take full effect in fiscal year 2023: it will be achieved through synergies, significant HR and structural cost savings and more efficient organizational structures across the group. With these changes, The Social Chain AG is responding to the difficult market environment and thus securing its entrepreneurial options for the future.

The financing structure of Social Chain AG has improved considerably:

Working capital financing of 125 million euros secured by a banking consortium for three years. Reimbursement of the €25 million acquisition loan.

DS Group, a 100% subsidiary of The Social Chain AG, has successfully concluded a €125 million working capital facility with a banking consortium. The credit facility has an initial fixed term of three years with contractual extension options.

In addition, Dr. Georg Kofler contributes to the company‘s equity by subordinating shareholder loans for a total of 36 million euros.

In addition, The Social Chain AG repaid 25 million euros of the existing acquisition loan for the purchase of DS Group.

As a result, The Social Chain AG has significantly improved its financing structure: Overall, current financial debts have been reduced from EUR 197 million to EUR 35 million. Non-current financial liabilities went from EUR 114 million to EUR 233 million. [1] In total, EUR 44 million of financial debts have been repaid, while current financial liabilities have been reduced by EUR 162 million.

Quote from Dr. Georg Kofler:
“As an entrepreneur and reference shareholder, I am committed to the business model of The Social Chain AG. As we all know, the current market environment is really difficult. Several times during my professional career, I have experienced and proven that under the pressure of crises new business opportunities arise.Our team, business partners and shareholders can be assured that I will bring all my entrepreneurial energy and experience to lead Social Chain AG towards a profitable future and sustainable.”

Quote from Wanja S. Oberhof:
“As co-founder of The Social Chain AG, it was always my intention to build an international business. I realized that only a clear focus on internationalization could lead to success, which I couldn’t I am delighted to have my long-time business partner, Dr. Georg Kofler, take on the role of CEO, allowing me to fully focus on expanding the international business. “

Quote from Ralf Dummel:
“My core strength is direct operational activity: rolling up my sleeves, researching products, driving innovations, orchestrating and executing omnichannel sales of our innovative product portfolio – that’s my life. allows me to devote all my energy to achieving the maximum impact on sales and product innovation.”

[1] These are ACTUAL figures as of 31.12.2021 compared to figures reported as of 30.09.2022, the latter assuming full closing of the credit facility which was signed on 10.10.2022.

Photo (from left to right): Wanja S. Oberhof, Dr. Georg Kofler, Ralf Dümmel. Credit: The Social Chain AG/ Boris Breuer/ Stefan Groenveld
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Press contacts:

Sanja Stankovic
+49 171 835 2419
[email protected]
www.socialchain.com

The SA Social Channel
Gormannstrasse 22
10119Berlin

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The content of this press release is provided for informational purposes only and does not constitute investment advice or other recommendations under German securities trading law by The Social Chain AG or its affiliates. The information provided cannot replace investment advice. The information contained in this press release should not be construed as an assurance of possible price developments and should not be construed as a request to enter into a transaction. The information contained herein does not constitute an offer to sell or the solicitation of an offer to sell any securities or rights, or a solicitation to trade in any securities or rights. Accordingly, The Social Chain AG and its affiliates make no representations or warranties as to the accuracy, completeness or correctness of any information or opinions contained herein. We accept no liability for direct or indirect damage caused by and/or in connection with the distribution and/or use of this document. The declarations correspond to the state at the time of the preparation of this document. They may become obsolete due to future development without the document being changed.

THE SOURCE: The SA Social Channel

See the source version on accesswire.com:
https://www.accesswire.com/726186/The-Social-Chain-AG-Dr-Georg-Kofler-Designated-New-CEO

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