Frieden’s successor is François Pauly, 54, who has been a member of the board since May 2017. Pauly is chairman at Compagnie Financière La Luxembourgeoise and also active in the hospital industry, as he serves as chairman of the board of directors of Hôpitaux Robert Schuman.

Frieden, who is a presidential candidate for the Chamber of Commerce, had taken on the role as chairman in 2016. According to Delano’s sister site, Paperjam, his resignation could be due to a potential conflict of interest in the case of accession to the new role at the chamber.

The Saint-Paul Luxembourg group is owner of Luxemburger Wort, among other activities.