Evonik Industries AG (EVK) corporate development head Thomas Hermann is overseeing mergers and acquisitions after the German chemical maker’s chief dealmaker departed, according to two people with knowledge of the matter.
The German maker of cosmetic ingredients and polymers has disbanded its M&A department to reduce overlaps, with division chief Bernd Brinker leaving Evonik, said the people, who asked not to be identified as the change hasn’t been announced yet. Some responsibilities related to deals have been transferred to legal division head Ludger Diestelmeier.
An Evonik representative declined to comment on the changes. Brinker couldn’t be reached and didn’t respond to an e-mail seeking comment.
Evonik Chief Executive Officer Klaus Engel is partway through a reorganization that will cut administrative costs while investing 6 billion euros ($8.3 billion) into growth projects. The overhaul has included reducing the executive board to four members from six and promoting Ute Wolf to the role of chief financial officer on Oct. 1.
Former Evonik CFO Wolfgang Colberg earlier this year joined private-equity firm CVC Capital Partners Ltd. as a strategic adviser. CVC owns about 18 percent of Evonik. Both Colberg and Brinker, a former investor relations manager at Evonik, played pivotal roles in Evonik’s initial public offering in April that was eventually scaled back after prior attempts failed.
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