Retail group loses its CEO
Metro boss Olaf Koch surprisingly gives up his position as CEO of the retail group. (Image: Metro AG) Olaf Koch, the long-time CEO of Metro, will leave the wholesaler early. His contract would have run until March 2022, but Koch wants to leave the board by the end of 2020.
As German media report, Metro loses its long-time CEO. Olaf Koch had informed supervisory board chairman Jürgen Steinemann that he was his Do not extend the contract that expires on March 1, 2022 want, cites among other things that Handelsblatt the Metro Group. Koch wants go ahead of schedule and to leave the board at the end of the year. The supervisory board will deal with the personnel “at short notice”.
The backgrounds are still unclear. In the past there were always disputes between the 50-year-old chef and major shareholder Daniel Kretinsky given. (He holds almost 30% of the shares through his holding EPGC.) However, Koch said to media representatives that his move had nothing to do with the EPGC.
The Frankfurter Allgemeine Zeitung quotes Koch as follows: “It is brutally difficult for me – but it is the right step at the right moment.” DOES continues: “In 2012 the manager moved to the head of what was then Metro and converted the widely branched and highly indebted group into a pure wholesaler – and reduced the debt by more than seven billion euros. Among other things, he had sold the department store giant Kaufhof, spun off the electronics retail chains Media Markt and Saturn under the Ceconomy holding. “
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