The decision by Deutsche Lufthansa AG’s supervisory board to back Wolfgang Mayrhuber’s aspirations to become chairman against investor opposition shows the hurdles in dismantling the chief executive-to-chairman German model.
Deutsche Lufthansa AG was forced into an ad-hoc search for a new candidate to head its supervisory board after former Chief Executive Officer Wolfgang Mayrhuber surprisingly pulled out one day before he was due to be elected.
German stocks rose to their highest in more than two weeks as Italy formed a new government and investor optimism grew that central banks will maintain economic stimulus measures at meetings this week.
Swiss Re Ltd., the world’s second- biggest reinsurer, posted a 21 percent increase in first-quarter profit as higher premiums and lower-than-expected catastrophe claims boosted property and casualty earnings.
German stocks advanced for a second day as falling yields on European government bonds offset data showing the manufacturing and service industries in Europe’s largest economy unexpectedly dropped in April.