CEO of Hamburg’s HHLA to Step Down as Board and Shareholder Disagree

 

The CEO of the Port of Hamburg’s largest terminal operator and logistics company HHLA (Hamburger Hafen und Logistik AG) will be stepping down by the end of the year in a “mutual agreement” with the Supervisory Board. The move comes just months after MSC Mediterranean Shipping Company completed its acquisition of shares, and as the boards and majority shareholder were in disagreement.

Angela Titzrath has led HHLA for nine years and is credited with being a driving force in the transformation of the company. HHLA highlights the investment of more than half a billion euros in modernizing the container terminals in the Port of Hamburg under her leadership in the past five years. The company also expanded its logistics operations, building its network of inland terminals for 10 to 21 locations, acquiring rail subsidiary METRANS, and seaport terminals in Europe.  

“My goal was to strategically develop HHLA as a key player in a volatile and geopolitically sensitive environment and to strengthen the value of the company. With the modernization of the Hamburg terminals, the expansion of the intermodal business and strategic locations such as Tallinn and Trieste, we have positioned HHLA decisively in the competitive environment,” said Titzrath. 

Chairman of the Supervisory Board, Prof. Dr. Rüdiger Grube, highlighted the particular focus on international networking, digitalization, and sustainability. He said Titzrath had led the company through difficult phases, including the pandemic and war in Ukraine, as competition has increased in Europe.

Last week, it emerged that there were disagreements between the majority shareholder, the Executive Board, and the Supervisory Board. In a stock exchange filing, HHLA said the majority shareholder had submitted a counterproposal to reduce the company’s dividend. The boards recommended €0.16, but the shareholder was calling for it to be lowered to €0.10 per share.

“This is intended to strengthen the company’s equity and increase liquidity,” it said commenting on the counter motion. “This shall improve the ability to finance investments in the future.”

HHLA said that it was assumed that the majority shareholder had the votes so that the dividend would be reduced at the Annual General Meeting, “regardless of the position taken by the Executive Board and Supervisory Board.”

MSC purchased the A shares of the company in 2024 and entered into an agreement with the City of Hamburg. Hamburg retains control of the company but has a working agreement with MSC governing the operations. The unions had strongly opposed the sale of HHLA, citing the loss of German and local control of the company.

HHLA reports it has begun a search for a successor CEO. Under the mutual agreement, Titzrath will leave by December 31 at the latest. She will remain available to support the transition until her departure is finalized.