Political coalition Genoverband set to reemerge as potential governing force
Frankfurt's Auditing and Consulting Association Moves Forward: New Leadership, Same Expansion Goals
After a rocky few months, the auditing and consulting association is ready to roll up its sleeves and focus on what matters—growing its services. Michael Hoeck has been announced as the new board chair, taking the reins on September 1st. Following an investigation into the chaos that rocked the association, current acting supervisory board chairman Christoph Ochs is moving on, hoping to draw a line and focus on the future.
All's Clear Following Investigation
The sudden departure of CEO Ingmar Rega in January left the association in a leadership crisis. Previously, Rega and the former supervisory board chairman, Peter Hanker, were accused of misconduct internally. However, an external probe found no substance to the allegations against them, says Ochs in a Financial Times interview. "Nothing significant remains."
Ochs took over after Hanker stepped down after two terms of office. He admits that the events at the association have sparked concern within the financial group but believes they'll soon be back to business as usual: "For us, the topic is now history."
Stegmueller's Role Remains Uncertain
The association plans to offer more consulting services in-house, reducing the need to rely on external firms. This shift gives rise to questions, notably about how entire teams were poached, like that of ZEB, and why Thomas Stegmueller, the interim CEO of Awado Bank Consulting, was brought on board. Stegmueller is rumored to be the author of the 100-page dossier that stirred up controversy. Ochs refuses to discuss Stegmueller in detail, citing personal rights.
Expansion Plans Ahead
Despite controversy, the association is committed to expanding its bank consulting. Ochs is tight-lipped about employee numbers but stresses the importance of retaining knowledge within the cooperative family to prevent valuable expertise from leaking to external firms.
Over the past few years, the association has grown significantly, especially in auditing, education, communication, tax and legal consulting, and regulatory support. The latest acquisition was HmcS, a credit and real estate outsourcing platform. From 2018 to the end of 2024, the association's turnover nearly doubled from around 140 million euros to around 270 million, with around 1,000 new employees hired during this time.
Fusion Potential
Mergers with other cooperative associations are a possibility, says Ochs. However, it's not their primary goal to merge with Weser-Ems or the Bavarian Cooperative Association.
Reshuffling Support Cases
Regarding the reshuffling of support cases within the cooperative financial group, Ochs is optimistic that they will turn out less severe than anticipated. The financial needs for VR-Bank Bad Salzungen Schmalkalden, Volksbank Düsseldorf Neuss, Volksbank Dortmund-Nordwest, and Raiffeisenbank im Hochtaunus potentially total 1.2 billion euros. Some criticism has arisen within the cooperative financial group about why risks weren't detected earlier. "Don't be misled by sensational figures," warns Ochs. "When you're restructuring a bank, you naturally proceed cautiously and overestimate risks. Much of the risk provision will then be reversed."
The association represents 2,600 cooperatives in 14 federal states, including around 300 cooperative banks. Peter Göetz, Katja Lewalter-Düssel, and Marco Schulz are the current board members. Schulz has been acting president since Regas' departure and will serve as deputy board chairman under Hoeck's leadership. With Hoeck on board, the association will once again be at full strength.
The new board chair, Michael Hoeck, will lead the association as they continue their expansion goals in the finance and business sector, following an investigation that cleared previous leadership of misconduct allegations.
In a bid to minimize external dependencies, the association plans to offer more consulting services in-house, raising questions about the future role of figures like Thomas Stegmueller.
