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.”