Hermes pressures Infineon chair

UK fund manager Hermes has upped the pressure on management at German chipmaker Infineon to put a succession plan in place in the next fortnight, it emerged last night. Hermes’ head of corporate governance Hans Hirt said the firm was worried about speculation mounting that Infineon’s chairman Klaus Wucherer may not propose a successor at the next shareholder meeting early next year. Hirt sent a letter to Wucherer outlining the concerns and urging him to reveal a timetable for his departure and details of the process.