Ottobock CEO Out

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Ottobock, Duderstadt, Germany, has dismissed CEO Oliver Scheel, installing CFO Philipp Schulte-Noelle as the interim CEO. Scheel assumed the role on January 15 with a mandate to prepare the company for a possible stock market listing. In a statement to Reuters, Ottobock said that Schulte-Noelle would continue to implement the company's strategy.

"The board of directors under the leadership of Professor Hans Georg Näder have decided to recall the appointment of Oliver Scheel as chief executive," according to the statement.

Scheel's appointment was the first time in Ottobock's history that a manager from outside the family led the company.