On March 28, the supervisory board of Endor AG threw a wrench in the pond by deciding to dismiss Fanatec CEO Thomas Jackermeier, from the end of March 30, 2024. This Fanatec statement asked us for a chair to sit on !
Actually, the decision is linked to a key condition set by the lending banks for the extension of the standstill agreement until June 30, 2024. So, who is the new CEO ? Endor AG communicated the name of the new director on April 15, 2024.
The Supervisory Board of Endor AG today appointed the current CRO, Mr. Andres Ruff, as the company’s new Chairman and Chief Executive Officer (CEO) of the company with immediate effect and granted him sole power of representation.
Endor AG
A few days before, Endor AG has appointed Andres Ruff as CRO (Chief Restructuring Officer). But who is it ?
Mr. Ruff has a background in marketing and sales and an extensive experience as well as a valuable network in the area of transformation and restructuring of medium-sized companies
Endor AG
On April 15th, the Supervisory Board of Endor AG appointed Andres Ruff as the company’s new chairman and CEO.
Andres Ruff said:
“Hello, Fanatec fans! I am thrilled to join Fanatec and work with this passionate team. Right now, my priority is to tackle delivery issues arising from overwhelming demand. Rest assured, we are diligently working to return to optimal operations. Once resolved, we’ll refocus our energy on crafting remarkable sim racing hardware.”
Forum Fanatec
If delivery issues are a priority will they stay at the top? Case to follow.
board Endor AG
If these words are encouraging, I wonder if Andres will have the same charisma as Thomas, the same madness. Will he be able to launch a new product while playing with its appearance throughout a launch video?
We all remember Thomas who begins the video with long hair and a beard, rather cheeky for a CEO. And, who gradually trims his beard to appear impeccable at the end of the product.
Thank you Thomas
Fanatec needs liquidity
On April 26, Endor AG takes stock of the organization of new capital and liquidity. For the moment, they are in discussions with several groups of investors to cover this liquidity need. Endor AG announces:
The management board currently expects a liquidity need of around 25 million euros by October 2024. Endor AG
Endor AG
Investors are working with Mr. Jackermeier (majority shareholder) to find solutions. For the moment, Endor AG has retained their revenue and profit forecasts communicated on February 2, 2024.
Exclusive negotiations
On May 8, we know the new investissor to help Endor AG on the restructuring, it’s CORSAIR®. Endor AG will deal exclusively with the American market leader for PCs and gamer accessories.
As part of the restructuring, CORSAIR will take over Endor AG in full and provide sufficient financial resources to stabilize the company without any external debt. Endor currently holds approximately EUR 70 million of external bank debt.
Endor AG
Part of the restructuring plan includes a partial waiver by the banks and a complete capital reduction, which would lead to current shareholders leaving the company without compensation and to the Endor AG shares delisting from the Open Market. Through the partial waiver, the lenders are making a significant contribution to the continued viability of the company.
Let’s see by the end of the month what happened.
We will not fail to inform you of the next news on the upheaval within Fanatec. Let’s hope that this restructuring allows for better management and, above all, on-time deliveries for simracing enthusiasts.
