USG People announced that Mr. Hubert Vanhoe leaves the company. Mr. Vanhoe was one of the two COOs represented in the executive board of USG People, where he was responsible for a couple of specialized brands and USG Professionals. No Impact on Buy rating and TP of € 7.5.
The strategy implemented in 2011 resulted in a considerable decrease of size and complexity. Also the number of brands to manage simplified the last years. This had consequencesfor the position of Mr. Vanhoe who found himself on an empty seat after his brands were sold. He remains employed till 1 October 2013. His tasks will be taken over by CEO Rob Zandbergen.
No impact on investment case.