Adler Modemärkte AG announced that Lothar Schäfer, Chairman of the board of management will cease to hold an office with the company in order to achieve new professional goals. In a Supervisory Board Meeting on April 10, 2017, the supervisory board approved the premature and amicable termination of Schäfer's term as member and Chairman of the management board. The supervisory board appointed Andrew Thorndike as new member of the management board with the function as Chief Operating Officer as of May 1, 2017. Thorndike has been appointed for five years. The supervisory board intends to appoint another member of the management board as Chairman of the management board. Until then, the acting member of the management board, Karsten Odemann and Andrew Thorndike shall lead the company jointly.