Germany's Wincor Nixdorf has fired the head of its banking division Stefan Auerbach after 29 years of service, following disagreements over the strategic business development of the company.
In a brief statement, Wincor Nixdorf's supervisory board said that the decision to terminate Auerbach's contract was mutually agreed.
"The termination was agreed in view of different opinions on the strategic business development of the company," the statement reads. "The supervisory board would like to thank Stefan Auerbach for his considerable contribution to the expansion of Wincor Nixdorf's international banking and previously the services business over the course of 29 years of service with the company and wishes him continued success for the future."
In November, Wincor Nixdorf decided not to offer a quantitative forecast for its 2011/2012 results, claiming the Eurozone sovereign debt crisis and delays in banking orders made it impossible to forecast an accurate financial outcome. By January, net sales in the banking segment were down 10% at €391 million in the first quarter of fiscal 2011/2012 (€435 million). Earnings from banking sales contracted by 34% year on year to €27 million compared to €41 million in the year earlier period.
The company says that president & CEO Eckard Heidloff will assume Auerbach's duties "until further notice".