Grenke

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Grenke AG

Headquarters Baden-Baden

Company type| Aktiengesellschaft

Traded as

| FWB: GLJ
ISIN| DE000A161N30
Industry| Leasing
Founded| 1978; 47 years ago (1978)
Headquarters| Baden-Baden, Germany

Key people

| Dr Sebastian Hirsch (Chair of the Board)[1]
Revenue| €3.46 billion (2023)

Number of employees

| 2,068[2]
Website| www.grenke.de

Grenke AG is a German manufacturer-independent leasing company which is specialized in office communication-products, including printers, copiers, telephone systems, servers and laptop computers.[3][4] Besides its leasing-activities, Grenke makes a notable portion of its revenue with factoring services. By acquiring the German private bank Hesse Newman in 2009, the company obtained a banking license. The most important markets for the company are Germany, France and Italy.[5][6]

## History

[edit]

The company was founded by Wolfgang Grenke in 1978. Internationalization was driven forward, especially since the 2000s. Since June 2019, Grenke is included in the MDAX index on the Frankfurt Stock Exchange.[7]

In early 2009, the company acquired a banking license through the purchase of the former private bank Hesse Newman, which was then renamed Grenke Bank.[8]

On May 3, 2016, the general meeting of Grenkeleasing AG decided to change its name to Grenke AG. This step was justified by the increasing importance of the areas of factoring and banking.[9]

At the end of February 2018, company founder Grenke resigned from the management board after his term of office had expired. His previous deputy, Antje Leminsky, took over as CEO on March 1.[10] Wolfgang Grenke was elected to the supervisory board at the company's annual general meeting on May 3, 2018. Since August 1, 2021, the former capital markets director of Bayern LB Michael Bücker was CEO of Grenke AG.[11] Wolfgang Grenke left the supervisory board on July 29, 2021.[12] Since February 16, 2023 the former CFO Dr Sebastian Hirsch has been CEO of the Grenke AG. [13]

On June 24, 2019, the Grenke share rose from the SDAX to the MDAX.[14] Due to the slump in the share price as a result of allegations of accounting fraud,[15] Grenke shares were relegated to the SDAX on December 21, 2020.[16]

In 2020, Grenke entered the US-market by establishing a franchising company headquartered in Phoenix, Arizona.[17]

## References

[edit]

1. ^ Grenke, "Imprint", accessed on February 16, 2023.
2. ^ Grenke, (Grenke AG Group Annual Report 2023)", accessed on August 6, 2024.
3. ^ baden online, "Grenke AG erzielt leichtes Plus – Finanzdienstleister erwartet aber Zahlungsausfälle", accessed on September 14, 2020.
4. ^ Manager Magazin, "Milliardengeschäfte mit Leasing – Geheimtipp Grenke", accessed on September 14, 2020.
5. ^ Grenke, "Reports and presentations (Grenke AG Group Annual Report 2019)", accessed on September 13, 2020.
6. ^ BNN, "Baden-Badener Finanzdienstleister Grenke legte 2019 zu", accessed on September 14, 2020.
7. ^ Handelsblatt, "Grenke steigt in den MDax auf", accessed on September 14, 2020.
8. ^ Ad-hoc-Mitteilung der Hesse Newman Capital Archived 2022-08-04 at the Wayback Machine 12 February 2009. Retrieved 4 November 2013.
9. ^ Meldung zur Hauptversammlung 2016 Archived 2016-05-04 at the Wayback Machine (retrieved 4 May 2016)
10. ^ "Wolfgang Grenke scheidet planmäßig aus dem Vorstand der Grenke AG aus" (PDF). Grenke AG. Archived from the original (PDF 22,4kB) on 2018-03-21. Retrieved 2018-03-20.
11. ^ "Vorstandsvorsitzende Antje Leminsky verlässt das Unternehmen, Michael Bücker übernimmt zum 1 August 2021" (in German). Retrieved 2022-02-04.
12. ^ "Virtuelle ordentliche Hauptversammlung der GRENKE AG beschließt Dividende und bestellt neue Aufsichtsrats-mitglieder" (in German). Retrieved 2022-02-04.
13. ^ "grenke: Dr Sebastian Hirsch takes over from Michael Bücker as CEO". www.grenke.com. Retrieved 2024-08-06.
14. ^ "Grenke steigt in den MDax auf". Handelsblatt. 2019-06-05. Retrieved 2019-08-25.
15. ^ Raghavan, Anita (15 August 2021). "The Short Seller Who Took On Wirecard Is Aiming for a Bigger Target". Barron's. Retrieved 24 November 2023.
16. ^ "Siemens Energy AG to be included in MDAX". 2020-12-03. Retrieved 2020-12-04.
17. ^ it-times.de, "Grenke: Neugeschäft des IT-Leasing- und Factoring Spezialisten eingebrochen", accessed on September 14, 2020.

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