• Peter Feld decided not to seek extension of his contract as CEO
• CFO Lars Nordmark appointed as interim CEO
• COO Joshua Hubbert appointed to Management Board
• Smooth and seamless transition for customers, employees and external partners ensured through Executive Leadership Team (ELT)
• After a strong year in 2021, GfK is today well positioned to accelerate revenue growth as well as cash flow generation
Nuremberg, Germany, February 22, 2022 – The Supervisory Board of GfK SE (“GfK”) today announced that Peter Feld, who has been Chief Executive Officer of GfK since March 2017, decided to pass the baton and to leave the company on March 14, 2022. After a successful transformation of the company, he will hand over his responsibilities to a new CEO to further accelerate GfK’s product and technology development and internationalization. GfK Board and shareholders are committed to continue the path which Peter has started and to further lead GfK into the next chapter of AI-powered analytics and industry-leading technology.
Natural transition in GfK‘s transformation
“After five very successful years at the company, Peter has decided that the time has now come to pass the baton. Peter and his team have successfully navigated GfK through challenging times and the company is much stronger today than it was five years ago. On behalf of the Supervisory Board, I would like to thank Peter for his professional and cooperative work at all times. We are committed to continue the path which Peter has started and to further lead GfK into the next chapter of AI-powered analytics and industry-leading technology. This change to the Management Board is part of a natural transition in GfK’s transformation from a traditional market research company into an AI-based data and analytic and consulting firm”, said Thomas Ebeling, Chairman of the Supervisory Board of GfK SE.
“I am very thankful for the past five years that I have spent at GfK working closely together with an incredible team. We can look back on a successful transformation and the 2021 results are a testament to GfK’s readiness to continue its trajectory towards an integrated data, analytic and consulting firm providing superior service to its clients”, said Peter Feld.
CFO Lars Nordmark appointed as interim CEO to ensure a smooth transition
CFO Lars Nordmark has been appointed interim CEO. Lars Nordmark currently serves as CFO since 2019 and will be handling the day-to-day business. Nordmark joined GfK as CFO in February 2019 and previously worked for the Swedish communications company Tele2 AB and the Securitas Direct Group.
As part of the changes to the management team Joshua Hubbert, who currently serves as COO, has been appointed to the Management Board along with Lars Nordmark to strengthen operational representation. Both will be supported by an experienced and highly regarded Executive Leadership Team (ELT). The team will ensure a smooth and seamless transition and provide continuity for customers, employees and external partners.
GfK with a very strong momentum in 2021 and positive outlook for the future
GfK underwent major restructuring following its delisting in 2017, which initially resulted in leaner and more efficient structures and processes as well as a simplified portfolio. Good top line traction already in 2020 was followed by accelerating momentum in 2021. The company completed 2021 with high single-digit percentage growth in net sales. Together with the benefits from efficiency improvements as well as simplified and standardized processes, GfK has become highly profitable again with a strong outlook for future revenue and cash flow performance.
A key element of the strategy is the digital AI-powered insights and analytics platform “gfknewron” which attracts new groups of customers and users. Data from more than 100,000 retailers with around 180 million products tracked over more than 50 countries worldwide is fed into the intelligent platform. Customers can find out in real time on a simple user interface with “gfknewron Market” which products were bought where and at what price, with “gfknewron Consumer” who bought and why, and hence with “gfknewron Predict” what specific steps need to be taken next. Already more than 150 companies and brands globally trust the wealth of data that provides them with AI-powered market, brand and consumer intelligence and recommendations for action in real-time.
Media Contact: Kai Hummel, Vice President Communications & Public Affairs, T +49 911 395 4440, public.relations@gfk.com
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