Gaussin: CEO resigns with immediate effect, share price plummets

(CercleFinance.com) - Gaussin shares plunged on the stock market on Friday morning after the transport and logistics group announced the immediate departure of its Chief Operating Officer, Dmytro Khoruzhyi.


This decision comes less than two months after his arrival, which was intended to reinforce the strategic merger with CSG Czechoslovak Group, which holds over 20% of its capital.

In a press release, Gaussin justifies its departure by the emergence of 'divergences' on questions of operational and financial management of the group.

Under the aegis of its new reference shareholder, Gaussin was to evolve its strategy from an R&D-oriented company to one focused on industrial series production.

This strategy was to be unveiled and backed up by a new transformation plan which was supposed to be presented by the end of the year.

The engineering company states that the agreements with Czechoslovak Group are now being evaluated and that it will keep the market informed of developments.

Last month, CSG had already waived the appointment of six directors at the general meeting organized by the French group.

The Czech conglomerate, which has provided some 30 million euros in financing since the beginning of the year, has the option of increasing its stake to 52.3% on a non-diluted basis and 39.5% on a diluted basis in the event of conversion of its loan into shares.

On the Paris Bourse, Gaussin shares lost more than 9% following these announcements, making it one of the biggest decliners on the Paris market, bringing the year-to-date decline to almost 85%.

Christophe Gaussin and the historic team will ensure the continuity of the group's management.

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