Klaus Esser is a

German German(s) may refer to: * Germany (of or related to) **Germania (historical use) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizens of Germany, see also German nationality law **Ger ...

lawyer and former CEO of

Mannesmann Mannesmann was a German industrial conglomerate. It was originally established as a manufacturer of steel pipes in 1890 under the name "Deutsch-Österreichische Mannesmannröhren-Werke AG". (Loosely translated: "German-Austrian Mannesmann pip ...

. He current serves as an Advisory Director at

General Atlantic General Atlantic (also known as "GA") is an American growth equity firm providing capital and strategic support for global growth companies, headquartered in New York, United States. The firm was founded in 1980 as the captive investment team for ...

Career

In 1999, Esser was appointed as CEO of Mannesmann, where he oversaw the firm's hostile takeover by

Vodafone Vodafone Group Public limited company, plc () is a British Multinational corporation, multinational Telephone company, telecommunications company. Its registered office and Headquarters, global headquarters are in Newbury, Berkshire, England. It ...

. Despite his initial opposition to Vodafone's acquisition attempts, Esser ultimately agreed to a price of $180 billion. Immediately following the buyout, Esser received a bonus payment worth approximately $15 million. The payment provoked outrage in Germany, where executive salaries remained lower than in Britain or the United States.

Criminal Trial

Shortly after the acquisition, German prosecutors launched a criminal investigation into Esser's conduct to determine whether the promise of redundancy payments by Vodafone had influenced Esser's decision to approve the deal. Along with six other former managers of the company, he was charged with criminal breach of trust. Ultimately, Esser and his co-defendants were acquitted by Düsseldorf's regional court. In 2005, prosecutors launched an appeal in Germany's federal court, describing the financial award given to Esser as "unique in its level." The case culminated in a settlement, with Esser paying 1.5 million euros in return for prosecutors dropping the charges levied against him.

References

Year of birth missing (living people) Living people German chief executives 20th-century German lawyers {{Germany-law-bio-stub