Social Chain, co-founded in Manchester by Dragons’ Den star Steven Bartlett, has appointed a new chief executive as it announces a major cost-cutting drive.
Dr Georg Kofler is to take over the role on January 1 at Social Chain from Wanja S. Oberhof who will move to lead its US operations and merger and acquisitions side.
The news comes as the group is cutting its costs by 30 per cent through “synergies, significant savings in HR and structural costs and more efficient organisational structures throughout the group” in response to “the challenging market environment.”
In August Social Chain revealed plans to dispose of several subsidiaries to increase profitabilty and focus on three “commerce pillars”: Core Brands, Maxx Group and Brand Chain. That led to the sale of RAVENSBERGER Matratzen GmbH, Carl Wilhelm Clasen GmbH, DEF Media GmbH, and bytepark GmbH. Subsidiary DS Group has also agreed a €125m working capital facility with a bank consortium.
Dr Kofler said: “As an entrepreneur and anchor shareholder, I am committed to the business model of The Social Chain AG. As we all know the current market environment is really challenging. Many times in my professional career I have experienced and proven that under the pressure of crises new business opportunities arise.
“Our team, our business partners and our shareholders can be assured that I will bring in all my entrepreneurial energy and experience to lead the Social Chain AG into a profitable and sustainable future.”
Kofler’s former roles have included a siginificant restructuring as CEO at Sky Deutschland ahead of its 2005 IPO.
