German chemicals firm Evonik's CFO to leave, shares fall

By Anastasiia Kozlova

(Reuters) - German chemicals group Evonik Industries on Thursday announced its Chief Financial Officer Maike Schuh would be leaving the company at her own request.

"This appears a sudden resignation," analysts from Jefferies said in a note.

Shares of Evonik dropped 2.5% following the news.

Evonik CEO Christian Kullmann will temporarily assume responsibility for the finance department at the executive board level, while Claus Rettig will take over Schuh's operational duties until a successor is appointed.

The changes are effective immediately.

Schuh, who has been with Evonik for 10 years, joined the executive board in April 2023.

Germany's chemical industry, its third-largest sector, is grappling with weak demand, a sluggish economy and U.S. tariffs. Industry sentiment has soured, with chemical lobby VCI reporting the lowest capacity utilization in over 30 years during Q2, as sales and prices fell amid growing uncertainty.

In response, Evonik has launched its most ambitious restructuring to date, aiming to streamline operations and cut costs. The plan could reduce its workforce by more than 20%, reflecting a broader industry shift as companies adapt to a rapidly evolving global landscape.

(Reporting by Anastasiia Kozlova in Gdansk, Editing by Miranda Murray and Lisa Shumaker)