Cordes said that he no longer wishes to prolong his current contract, which expires 31 October next year

Cordes said that he no longer wishes to prolong his current contract, which expires 31 October next year

Metro Group CEO Dr Eckhard Cordes has announced he will leave the company next year, citing trust issues between himself and management.

Cordes informed the board of his departure on Friday (9 October) and said that he no longer wishes to prolong his current contract, which expires 31 October next year.

"Taking this decision is not easy for me and I would like to thank the principal shareholders, the Haniel and Schmidt-Ruthenbeck families, who expressly supported my contract prolongation and wished for it in numerous talks with me," Cordes said in a statement on Friday. 

Cordes said the reason that he did not seek an extension to his contract was because he felt trust was no longer present between him and Metro's management.

Cordes said: "I have come to the conclusion that the trustful basis to stay on as the head of Metro AG's top management does not exist any more."

He added that a company needs trust between the management and board.

"A company requires a trustful co-operation and a unity of the highest degree between the management and supervisory board", he added.

The announcement comes only a month after he received support from its parent-company Haniel, which owns 34% of Metro, to extend his contract after days saying it did not want him to remain at the business beyond his current contract.