Infineon Exec Quits Over Scandal

MUNICH -- Infineon Technologies AG announced today, that its Supervisory Board has accepted the resignation of Dr. Andreas von Zitzewitz.

Dr. von Zitzewitz is under investigation based on severe allegations in context with payments made for contracts regarding motorsport sponsoring. The company immediately terminated all sponsoring engagements in motorsports as far as possible after the departure of the former CEO Dr. Ulrich Schumacher. Infineon Technologies AG is not under investigation and cooperates fully with the authorities.

"We will not comment on pending investigations. In the interest of the company a fast decision was required", said Max Dietrich Kley, Chairman of the Supervisory Board of Infineon Technologies AG.

Until further notice, Dr. Wolfgang Ziebart, CEO of Infineon Technologies AG, will take over the responsibilities for the memory products business.

Infineon Technologies AG