The constant turbulence at TeamViewer has made its first victim.

The software company, which had succeeded with its solutions for the remote maintenance of computers and machines during the pandemic-induced lockdown, announced on Sunday that it would not extend the contract of its CFO Stefan Gaiser.

"By mutual agreement" he will leave the company when the contract expires next year, the company wrote in a press release.

Bastian Benrath

Editor in business.

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The decision is probably related to the fact that TeamViewer had to cut its forecast of its business development twice this year.

As a result, the company's share has lost half of its value since mid-September.

On Monday it rose minimally over the course of the day, but is still close to its all-time low of EUR 13.44.

Expensive sponsorship contracts

Whether the right person in charge works with this is an open question. In addition to the fact that the company's business is not growing as fast as hoped, TeamViewer is particularly hard hit by two expensive sponsorship deals with Manchester United and the Mercedes Formula 1 team. In response to this, the outlook had to be cut for the first time, which initiated a decline in the share price that has continued since then. In contrast to the Gaisers, the supervisory board extended the contract of CEO Oliver Steil. It should now stay until at least October 2024. As stated in the announcement, a new board department is also to be created for sales.

Gaiser, born 1974 in Vogtsburg in southern Baden, has been TeamViewer's Chief Financial Officer since summer 2017.

He lives in Freiburg.

Before TeamViewer, he worked for the American software provider Kofax and the personnel management software provider P&I as CFO.

P&I was taken over in 2016 by the financial investor Permira, who later guided Gaiser to TeamViewer.

It is thanks to this that Gaiser has been the best-paid CFO in the Dax and M-Dax in the past two years in the slipstream of Steil, although TeamViewer is listed in the smaller of the two indices.

He earned 36 million euros in 2020 and 21 million euros previously.

The money comes from Permira.

The financial investor allowed the two managers to participate in the company's growth in the course of the IPO in 2019.