Press release October 17, 2021
TeamViewer Supervisory Board takes decisions on Executive Board
Contract of CEO Oliver Steil to be extended until October 2024
CFO Stefan Gaiser to leave company in mutual consent upon expiry of his current contract
Further Executive Board member with focus on sales to be appointed
Goppingen, 17 October 2021 – The Supervisory Board of TeamViewer today unanimously took the following decisions regarding the Executive Board:
- The contract of CEO Oliver Steil will be extended for three years until October 2024. Steil has been CEO of TeamViewer since January 2018 and is a key driver of the company’s profitable growth.
- Chief Financial Officer Stefan Gaiser will leave the company in mutual consent upon expiry of his current contract in 2022 after then having served as CFO for more than four years. The Supervisory Board has already initiated a structured search process to ensure a smooth transition.
- The Executive Board will be expanded by an additional member with a dedicated focus on sales and commercial excellence. The Supervisory Board will initiate the search for a suitable candidate to take on this new responsibility in the management team.
Dr. Abraham (Abe) Peled, Chairman of the Supervisory Board said: “We are very pleased that Oliver will lead TeamViewer into the next phase of its growth journey, as he is the proven leader to drive the continued transformation of the company. He has led TeamViewer over the past four years through successive growth initiatives and product portfolio expansions. Over the turbulent pandemic period TeamViewer has continued to broaden its enterprise offering and to grow that business. Through several strategic acquisitions the company has also established a leading position in the emerging digitalization of industries winning several large contracts and a strategic partnership with SAP. However, the recent developments which have led the management to reduce their guidance have clearly been very disappointing. A thorough review by the Supervisory Board and the management have resulted in an action plan for Oliver and the senior management team to focus on key strategic initiatives, rebalancing our cost structure, delivery and consistent execution. Regaining the trust of the capital markets is a key priority for the TeamViewer leadership going forward.”
He added: “On behalf of the Board, I would like to thank Stefan for his dedication, hard work and commitment over the past years. We are grateful that he will support a smooth transition and wish him all the best for his personal and professional future.”
Oliver Steil, CEO of TeamViewer said: “I am very grateful to the Board for the continued trust and backing. Since I joined TeamViewer, we have implemented a successful growth strategy, significantly broadened our solutions portfolio and strengthened our innovation power. In the post-Covid market environment, we now need to reconfigure our cost structure and some of our growth initiatives to get back on track. We clearly got the message from our investors and know what our priorities are: Together with the senior management team, I’m fully committed to deliver on our public commitments to regain trust that has been lost over the last weeks and months. I would like to personally thank Stefan for four years of collaboration and joint leadership. He has played an essential role in shaping TeamViewer into the leading connectivity platform it is today.”
TeamViewer is a leading global technology company that provides a connectivity platform to remotely access, control, manage, monitor, and repair devices of any kind – from laptops and mobile phones to industrial machines and robots. Although TeamViewer is free of charge for private use, it has more than 600,000 subscribers and enables companies of all sizes and from all industries to digitalize their business-critical processes through seamless connectivity. Against the backdrop of global megatrends like device proliferation, automation and new work, TeamViewer proactively shapes digital transformation and continuously innovates in the fields of Augmented Reality, Internet of Things and Artificial Intelligence. Since the company’s foundation in 2005, TeamViewer’s software has been installed on more than 2.5 billion devices around the world. The company is headquartered in Goppingen, Germany, and employs around 1,500 people globally. In 2020, TeamViewer achieved billings of EUR 460 million. TeamViewer AG (TMV) is listed at Frankfurt Stock Exchange and belongs to the MDAX. Further information can be found at www.teamviewer.com.