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Lloyd Fonds CEO to step down prematurely due to disagreements

The chief executive of German shipping company Lloyd Fonds, Dr. Torsten Teichert, will step down a year and a half before his contract expires due to disagreements with the board of directors. This will impact the company's earnings for the year.

Dr. Torsten Teichert will step down as CEO of Germany's Lloyd Fonds a year and a half early.

The CEO's contract was originally set to expire on June 30 2019, but he will now part with the company already at the turn of the year. Lloyd Fonds manages a portfolio of investments in real estate and shipping projects totaling more than EUR 5 billion.

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