Carsten Maschmeyer has resigned from the board of AWD Group’s parent Swiss Life and reduced his equity stake following allegations that he has been looking to influence AWD’s operations, which he denies.
Maschmeyer was the founder of the German AWD Group and sold the firm to Swiss Life in 2007, staying on as joint chief executive until March 2009.
Maschmeyer was elected to the Swiss Life board in 2009 but announced today that he is stepping down to put to an end bad publicity relating to himself and AWD in the German media.
He has reduced his stake in the firm from 5.05 per cent to less than 3 per cent.
AWD is the parent company of the UK financial adviser firm AWD Chase de Vere.
Maschmeyer says: “By resigning and selling my shares, I am proving the false allegations that I might exercise influence on AWD’s operations to be completely unfounded.
“I am hoping that this will finally put an end to the unjustified attacks on my person and on AWD. I am also confident that, by taking this step, I will help to objectify public debate and bring clarity and focus back to the strengths of AWD.”
Swiss Life board of directors chairman Rolf Dörig says: “We would like to thank Carsten for the valuable contribution he has made, as a successful entrepreneur, strategic thinker and renowned expert, on the board of directors of Swiss Life.”