FRANKFURT (dpa-AFX) - Martin Korbmacher, Chairman of the Supervisory Board of online broker Flatexdegiro, is stepping down after a dispute with major shareholder Bernd Fortsch. His mandate will end at the end of the 2025 Annual General Meeting because he will not be standing for a further term of office, the company announced in Frankfurt on Thursday. Along with Korbmacher, Britta Lehfeldt and Aygül Özkan are also leaving the Supervisory Board. The Supervisory Board will now press ahead with the selection process for the successor, according to the SDax company.

Major shareholder Fortsch had been at loggerheads with the company management since March and had sharply criticized former CEO Frank Niehage and Korbmacher, among others. Niehage subsequently resigned in April, but Korbmacher remained on board. At the Annual General Meeting in June, the shareholders refused to approve the actions of Niehage and Korbmacher. Korbmacher had escaped dismissal by motion at the time - although the shareholders had voted by two-thirds in favor of his resignation, the necessary three-quarters majority was not reached./men/he