Beiersdorf has confirmed reports that it is set to recruit a new Chief Financial Officer, according to a report published by Reuters.

Current incumbent, Jesper Andersen’s contract is due to end in June and will not be renewed, a spokesperson confirmed to Manager Magazin monthly. The spokesperson declined to comment on rumors that the move has been prompted by shareholder dissatisfaction.

The Tchibo holding company, which owns a 51 percent stake in Beiersdorf and is said to be at the center of the row, also declined to comment.