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government-trade

Board Extends Quaas’ Contract

The supervisory board of Beiersdorf AG voted Sept. 3 to extend the contract of executive board chairman Thomas-B. Quaas for another five years.

BERLIN — The supervisory board of Beiersdorf AG, the German producer of Nivea, La Prairie and Eucerin, voted Sept. 3 to extend the contract of executive board chairman Thomas-B. Quaas for another five years. Quaas has held the position at the Hamburg-headquartered company since 2005 and has been with Beiersdorf since 1979.

The cosmetics giant had faltered somewhat during the second quarter, with company profit after taxes dropping 40 percent to 89 million euros, or $121.2 million at average exchange for the period. But, as part of a growth strategy, Beiersdorf has extended efforts in Asia this summer, adding an executive board member for the region, doubling cosmetics production in Thailand and opening a new Nivea factory in Shanghai to make products specifically designed for the Asian market.