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Infineon CEO Andreas von Zitzewitz Steps Down
Evidence that a senior executive with German chipmaker Infineon Technologies AG may have taken kick-backs as part of a sports sponsorship deal has hardened up. This is bad news for France's Le Mans car race and Formula One team Jordan-Honda as Infineon has now suspended all motorsports sponsorships. Funny because I just saw a Le Mans car race on the Speed Channel and saw the Infineon banner on the track... Bummer people have to be paid off to sponsor events.
Infineon's chief operating officer Andreas von Zitzewitz was forced to stand down on the weekend amid corruption allegations, with the company saying Monday it had launched an investigation into whether to make a claim for compensation. Munich-based Infineon, Europe's biggest semiconductor maker, announced on the weekend that Andreas von Zitzewitz had resigned in the wake of allegations concerning payments of EUR 259,000 being made for motorsport sponsorship.
Posted by | Tue, Jul 19, 2005 - 02:23 PM
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