LONDON All but one director of Swiss stainless steel group Schmolz+Bickenbach AG have resigned from the companys board.
Board president Hans-Peter Zehnder, vice president Marc Feiler, Gero Büttiker, Roland Eberle, Carl Michael Eichler, Benoît Ludwig and Roger Schaack will all step down at the steelmakers extraordinary general meeting Sept. 13, the company said Aug. 2.
Manfred Breuer was the only board director not to hand in his resignation.
The mass resignation comes days after the steelmaker agreed to enter into talks regarding a possible takeover by a group led by Russian industrial investment firm Renova Group.
A spokesman for Schmolz+Bickenbach declined to comment on whether the walkout was related to issues surrounding the bid by subsidiary Schmolz+Bickenbach KG and Renova.
None of the directors due to step down was available for comment.
A version of this article was first published in AMM sister publication Steel First.