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RAG-Stiftung Names Helmut Linssen as New Finance Chief

(Corrects to clarify that executive named in fourth paragraph is Linssen’s predecessor.)

Nov. 21 (Bloomberg) -- RAG-Stiftung, which owns Germany’s largest non-listed chemical maker Evonik Industries AG, named Helmut Linssen as its finance chief.

Linssen, 70, will take up the role on Dec. 1, and Barbel Bergerhoff-Wodopia, 57, joins him on the board with responsibility for human resources, the Essen-based trust said in an e-mailed statement today. Werner Mueller, a former economy minister and past chief executive officer of Evonik, was named chairman of the executive board earlier this month.

The new board will help decide on the future of Evonik after it abandoned a third attempt at an initial public offering in June. The proceeds from the IPO had been earmarked to help close the last of Germany’s subsidized deep-shaft coal mines by 2018.

The new board members will replace Peter-Michael Preusker and Guenter Schlatter. Mueller will replace Wilhelm Bonse-Geuking.

Evonik, which refocused on chemicals after selling the majority stake in its energy business, is exploring options to divest its real-estate assets, which are held jointly with union IG BCE and valued at 6.2 billion euros ($7.9 billion), according to a company document.

CVC Capital Partners owns a 25 percent stake in Evonik.

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at smatthews6@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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