THE D’IETEREN GROUP AND AXEL MILLER TERMINATE THEIR COLLABORATION
The Board of Directors of D’Ieteren and Axel Miller have decided to terminate their collaboration. Consequently, Axel Miller leaves his position as CEO, Managing Director of D’Ieteren and other positions within the Group and its subsidiaries.
Axel Miller joined the Board of Directors of D’Ieteren as an independent director in May 2010 and was appointed CEO and Managing Director in May 2013. With more than 5 years at the head of the D’Ieteren group, he has built up a quality team and achieved healthy and solid results by ensuring efficient collaboration between D’Ieteren and its subsidiaries. Today, the Board of Directors of D’Ieteren and Axel Miller noted that their visions on the group's future developments and the leadership style no longer coincide and, for these reasons, have decided not to pursue their collaboration.
In the immediate future, the daily management of the group will continue to be carried out by the other members of the executive committee, Arnaud Laviolette and Francis Deprez, pending the appointment of a new CEO.
End of press release
In existence since 1805, and across family generations, D’Ieteren seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry or in their geographies. The Group has currently three activities articulated around strong brands:
- D'Ieteren Auto distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Porsche and Yamaha vehicles in Belgium. It is the country's number one car distributor, with a market share of around 21% and 1.2 million vehicles on the road. Sales and adjusted operating result reached respectively EUR 3.4 billion and EUR 113.0 million in 2018.
- Belron (54.10% owned) has a clear purpose: “making a difference by solving people’s problems with real care”. It is the worldwide leader in vehicle glass repair and replacement and operates in 35 countries, through wholly owned businesses and franchises, with market leading brands – including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. It has also expanded its services into the automotive damage and home damage repair and replacement markets. Sales and adjusted operating result reached respectively EUR 3.8 billion and EUR 225.7 million in FY 2018.
- Moleskine (100% owned) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a multichannel distribution strategy across more than 115 countries. Sales and operating result reached respectively EUR 174.1 million and EUR 28.6 million in FY 2018.
Arnaud Laviolette, Chief Financial Officer
Francis Deprez, Member of the Executive Committee
Pascale Weber, Financial Communication - Tel: + 32 (0)2 536.54.39
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