The original funder of parent company Endor AG and CEO of Fanatec has been seemingly dismissed.
Images: OverTake
The inimitable founder and CEO of Fanatec, Thomas Jackermeier, is set to depart his post at the top of the German sim racing equipment manufacturer.
Parent company Endor AG, which trades publicly on the Munich, Hamburg and Stuttgart stock exchanges, issued a brief statement yesterday (28th Mach) announcing the change.
“Today, the supervisory board of Endor AG has decided on the dismissal of CEO Thomas Jackermeier, effective at the end of March 30, 2024, thereby fulfilling a key condition set by the lending banks for the extension of the standstill agreement until June 30, 2024,” reads the brief statement, submitted by Matthias Kosch, Chief Financial Officer and Executive Board Member.
Here, it appears that Endor (Fanatec) claims that Jackermeier's departure is directly linked to a loan standstill agreement – whereby, typically, a repayment schedule on existing loans is halted under the proviso of certain requirements.
In a separate statement released earlier on the 28th, the Landshut-based company explained that it was “in negotiations with lending banks regarding a standstill agreement until June 30, 2024” and that the “standstill agreement is subject to conditions.”
Several key changes have happened recently to Endor’s Supervisory Board. Kosch replaced Andras Semsey as CFO at the end of last year, and Chairman of the Supervisory Board, Oliver F. Gosemann, resigned in February 2024.
The stewards of the Fanatec brand first listed publicly on 27th June 2006 and, according to Endor AG, Jackermeier owns “around 50 %” of the company’s shares.
He is credited with founding the business in 1997, with its first steering wheel, the ‘Le Mans’, hitting the market in 1998.
The name ‘Endor’ is a reference to the Forest Moon of Endor in the Star Wars film Return of the Jedi.
“When I started this business 25 years ago, I had absolutely no idea where this would end up now,” said Jackermeier to invited media during quarter-century anniversary celebrations in 2022 at Spa Francorchamps.
“I mean just look around, as I walk through the [24 Hours of Spa] paddock and you see the Fanatec logo everywhere, these are the things you cannot imagine – and believe me, I have quite some vision.”
Fanatec Stand, ADAC SimRacing Expo 2022
Recently, Fanatec has suffered product delays and slow shipments, in particular surrounding Black Friday deals and new lines such as the DD+ wheel base.
Endor’s financial year aligns with the calendar year, and at the time of publication, its Q4 2023 results have not been published. Earlier this year it issued a revised earnings forecast warning of potentially reduced revenues and a negative EBITDA margin for the 2023 financial year. This was marked down to what it called “supply chain disruptions.”
However, its outlook for 2024 was positive, projecting increased revenues and earnings as recently as February.
Endor AG published a further statement on the 29th March, clarifying (in German, translated to English) that Jackermeier will remain active at Fanatec "in another capacity" and that the Supervisory Board will appoint a Chief Restructuring Officer as per the bank's request.
According to the company, this will be to make use of his industry contacts, product management and strategic partnerships.
"In order to secure the financial future of the company and come to a future-oriented agreement with the lending banks, we are forced to reorganize the management team," said Siegfried Stieger, Chairman of the Supervisory Board.
"We will continue to push ahead with the optimisations that have been ongoing in the company since the appointment of the remaining board members and initiate a comprehensive restructuring with the prompt support of a CRO."
A "comprehensive restructuring" could mean further changes aside from a fresh chief executive, a restructuring that Jackermeier is expected to help CFO Kosch organise.
"At the same time, it is crucial for us to keep the founder Thomas Jackermeier active in the company. No one in the sim racing market has a comparable network and feel for market trends. I am very pleased that Thomas has agreed to take on his new role," summarised Stieger.
We have reached out for further comment. A succession plan is not publicly known, although we’ll update this article should Fanatec issue additional information.
Images: OverTake
The inimitable founder and CEO of Fanatec, Thomas Jackermeier, is set to depart his post at the top of the German sim racing equipment manufacturer.
Parent company Endor AG, which trades publicly on the Munich, Hamburg and Stuttgart stock exchanges, issued a brief statement yesterday (28th Mach) announcing the change.
“Today, the supervisory board of Endor AG has decided on the dismissal of CEO Thomas Jackermeier, effective at the end of March 30, 2024, thereby fulfilling a key condition set by the lending banks for the extension of the standstill agreement until June 30, 2024,” reads the brief statement, submitted by Matthias Kosch, Chief Financial Officer and Executive Board Member.
Here, it appears that Endor (Fanatec) claims that Jackermeier's departure is directly linked to a loan standstill agreement – whereby, typically, a repayment schedule on existing loans is halted under the proviso of certain requirements.
In a separate statement released earlier on the 28th, the Landshut-based company explained that it was “in negotiations with lending banks regarding a standstill agreement until June 30, 2024” and that the “standstill agreement is subject to conditions.”
Several key changes have happened recently to Endor’s Supervisory Board. Kosch replaced Andras Semsey as CFO at the end of last year, and Chairman of the Supervisory Board, Oliver F. Gosemann, resigned in February 2024.
A 27-Year Legacy
The stewards of the Fanatec brand first listed publicly on 27th June 2006 and, according to Endor AG, Jackermeier owns “around 50 %” of the company’s shares.
He is credited with founding the business in 1997, with its first steering wheel, the ‘Le Mans’, hitting the market in 1998.
The name ‘Endor’ is a reference to the Forest Moon of Endor in the Star Wars film Return of the Jedi.
“When I started this business 25 years ago, I had absolutely no idea where this would end up now,” said Jackermeier to invited media during quarter-century anniversary celebrations in 2022 at Spa Francorchamps.
“I mean just look around, as I walk through the [24 Hours of Spa] paddock and you see the Fanatec logo everywhere, these are the things you cannot imagine – and believe me, I have quite some vision.”
Fanatec Stand, ADAC SimRacing Expo 2022
Recently, Fanatec has suffered product delays and slow shipments, in particular surrounding Black Friday deals and new lines such as the DD+ wheel base.
Endor’s financial year aligns with the calendar year, and at the time of publication, its Q4 2023 results have not been published. Earlier this year it issued a revised earnings forecast warning of potentially reduced revenues and a negative EBITDA margin for the 2023 financial year. This was marked down to what it called “supply chain disruptions.”
However, its outlook for 2024 was positive, projecting increased revenues and earnings as recently as February.
Update - 30th March 2024
Endor AG published a further statement on the 29th March, clarifying (in German, translated to English) that Jackermeier will remain active at Fanatec "in another capacity" and that the Supervisory Board will appoint a Chief Restructuring Officer as per the bank's request.
According to the company, this will be to make use of his industry contacts, product management and strategic partnerships.
"In order to secure the financial future of the company and come to a future-oriented agreement with the lending banks, we are forced to reorganize the management team," said Siegfried Stieger, Chairman of the Supervisory Board.
"We will continue to push ahead with the optimisations that have been ongoing in the company since the appointment of the remaining board members and initiate a comprehensive restructuring with the prompt support of a CRO."
A "comprehensive restructuring" could mean further changes aside from a fresh chief executive, a restructuring that Jackermeier is expected to help CFO Kosch organise.
"At the same time, it is crucial for us to keep the founder Thomas Jackermeier active in the company. No one in the sim racing market has a comparable network and feel for market trends. I am very pleased that Thomas has agreed to take on his new role," summarised Stieger.
We have reached out for further comment. A succession plan is not publicly known, although we’ll update this article should Fanatec issue additional information.
