Board member and memory products head Andreas von Zitzewitz of Infineon Technologies AG (Germany) has resigned amidst allegations of financial impropriety. Zitzewitz is faced with what Infineon termed severe allegations tied to payments made for contracts regarding motor sport sponsorships and marketing. Infineon accepted his resignation July 17, 2005, effective immediately. Until further notice, Infineon CEO Wolfgang Ziebart will take over the responsibilities for the memory products business.
Zitzewitz is under investigation because of allegations made by Managing Director Udo Schneider of marketing agency BF Consulting GmbH, who is also under investigation. Zitzewitz and a former Infineon executive are allegedly under investigation for accepting bribes from BF Consulting in return for persuading motor sports companies to utilize the agency. The claims were made by BF Consulting in a European court.
Infineon is not under investigation and will cooperate fully with the authorities. It also terminated all motor sports sponsorships in March 2004, following the departure of former CEO Ulrich Schumacher.
