A new chief executive has been named for a company co-founded in Manchester by Dragons' Den star Steven Bartlett.
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 as well as the group's M&A activities.
The news comes as the group is cutting its costs by 30% through "synergies, significant savings in HR and structural costs and more efficient organisational structures throughout the group".
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The group said it is "responding to the challenging market environment and thereby ensuring its entrepreneurial options for the future".
In August Social Chain revealed plans to dispose of RAVENSBERGER Matratzen, Carl Wil- helm Clasen, DEF Media and bytepark to "clearly take further significant steps towards increasing its profitability".
Social Chain has also confirmed that its subsidiary DS Group has 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."
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