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Lufthansa Duels Over Chairman

Deutsche Lufthansa AG's shareholders meeting Tuesday became a duel between U.S. and German corporate-governance standards amid a dispute over whether the airline's former chief executive, Wolfgang Mayrhuber, should be elected its next chairman.At issue was whether Mr. Mayrhuber, who left the CEO post in 2010, should become chairman of the supervisory board. Only 63.2% of voting shareholders approved his election, far below the more than 90% typical in such votes.Germany has been trying for years to adopt corporate-governance standards more in line with international practices, in part to assuage the many foreign investors, in particular those from the U.S., with major stakes in the country's big companies.The Lufthansa rift underscores the continued resistance to embracing the U.S. governance model, however. Moving a CEO to the chairman's office was commonplace in Germany until recently. U.S. investors argue that such transitions allow former CEOs to paper over their mistakes at the he...

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