At the beginning of the year, the engine manufacturer Deutz experienced a violent crash that is seldom known in the business world. the chairman of the supervisory board, Bernd Bohr, was demoted to a simple board member. Both men had previously argued about the quota for women on executive boards. And Hiller added that he was curious how his departure would be explained to shareholders.
But now Deutz and the 55-year-old have agreed on the modalities of their separation – which will cost the company several million. Because Hiller would have had a contract until the end of 2026. Deutz emphasizes that the severance payment that is now due will be in accordance with the requirements of the Corporate Governance Code. This guideline for good corporate governance provides that dismissed managers should receive a maximum of two years’ salary as severance pay – no matter how long their contract is still running. In Hiller’s case, according to the remuneration report, that would be between four and five million euros. Both sides do not reveal the specific number; it could of course become a topic at the next general meeting at the end of April.
In any case, the new chairman of the supervisory board, Dietmar Voggenreiter, praises the fact that Hiller has “put Deutz on the right course”, increased important key figures and “guided him safely through the Corona crisis”.
Ex-boss Hiller is open to a new chief post
But behind the scenes, Hiller criticized at the end of 2021 that Bohr’s supervisory board had tried to circumvent the promotion of women on the board. A law that was new at the time stipulates that listed and co-determined stock corporations with more than three board members must appoint at least one woman to the board at the earliest opportunity, if they have not already done so. At that time there were four men on the Deutz board of directors.
As a result, the supervisory board considered quickly extending existing management board contracts before the quota takes effect. Bohr also spoke about whether the Management Board could be reduced to three men. But both attempts failed. Instead, Hiller campaigned for Deutz to appoint a woman to the board to meet the requirement. This, in turn, was perceived by Bohr as interference in board affairs. The union IG Metall called it a “power struggle” between the two men.
After leaving Deutz, Hiller is open to managing another company that is in the midst of upheaval. “It has to be such a challenge,” says the manager, without going into specifics. “There are enough transformation issues.”