Teamviewer Supervisory Board Executes Decisions on Executive Board

Oct 18, 2021 By MarketDepth

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TeamViewer’s Supervisory Board has unanimously taken the following decisions in regards to the Executive Board:  

-CEO Oliver Steil’s contract will be extended for three years until October 2024.  Steil has been CEO since January 2018 and has been a key component to driving the company’s growth.  

-Chief Financial Officer Stefan Gaiser will leave the company upon expiry of his current contract in 2022 after serving as CFO for over four years.  The Supervisory Board has begun a structured search process to transition smoothly.  

-The Executive Board will expand with an additional member that will focus on sales and commercial excellence.  The Supervisory Board will begin a search for a candidate that will take on this new responsibility in the management team.  

“We are very pleased that Oliver will lead TeamViewer into the next phase of its growth journey, as he is the proven leader to drive the continued transformation of the company. He has led TeamViewer over the past four years through successive growth initiatives and product portfolio expansions. Over the turbulent pandemic period TeamViewer has continued to broaden its enterprise offering and to grow that business. Through several strategic acquisitions the company has also established a leading position in the emerging digitalization of industries winning several large contracts and a strategic partnership with SAP. However, the recent developments which have led the management to reduce their guidance have clearly been very disappointing. A thorough review by the Supervisory Board and the management have resulted in an action plan for Oliver and the senior management team to focus on key strategic initiatives, rebalancing our cost structure, delivery and consistent execution. Regaining the trust of the capital markets is a key priority for the TeamViewer leadership going forward.”

Dr. Abraham (Abe) Peled, Chairman of the Supervisory Board

He added: “On behalf of the Board, I would like to thank Stefan for his dedication, hard work and commitment over the past years. We are grateful that he will support a smooth transition and wish him all the best for his personal and professional future.”

Oliver Steil, CEO of TeamViewer said: “I am very grateful to the Board for the continued trust and backing. Since I joined TeamViewer, we have implemented a successful growth strategy, significantly broadened our solutions portfolio and strengthened our innovation power. In the post-Covid market environment, we now need to reconfigure our cost structure and some of our growth initiatives to get back on track. We clearly got the message from our investors and know what our priorities are: Together with the senior management team, I’m fully committed to deliver on our public commitments to regain trust that has been lost over the last weeks and months. I would like to personally thank Stefan for four years of collaboration and joint leadership. He has played an essential role in shaping TeamViewer into the leading connectivity platform it is today.”