Blog: All change at Metro as CEO checks out
Dean Best | 25 September 2007
There are plenty of rumours flying around about German retailer Metro, with the imminent change of leadership said to signal an about-turn in strategy at the company.
CEO Joachim Körber is to leave Metro after 22 years following simmering tension with a key shareholder, which seemingly came to a head in recent weeks.
German industrial holding Franz Haniel, which holds over a third of the retailer, disagreed with the way Metro was being run under Körber. Now, Haniel’s chief executive, Eckhard Cordes, is set to take over at the top – prompting much gossip about the company’s future direction.
Speculation has abounded that Cordes would look to break up the company, which has a lucrative bank of real estate on its balance sheet. The markets seemed to favour Metro’s announcement that Cordes had been put forward to take the hot seat – shares in the company soared to an eight-year high on the news.
Cordes has moved to cool employee concerns that Metro’s Real hypermarkets will be sold off. However, there is little doubt that, as head of a significant investor, Cordes will take a fresh look at Metro’s global footprint – and see how shareholder returns can be improved. Disposals, or some sort of restructuring at the very least, seem likely.
Premier Foods plc revealed today (28 March) it has secured a deal with its pension scheme trustees that will see the UK food maker reduce its pension burden....
Hain Celestial, under the scrutiny of the investment community in recent months and facing some challenges in its domestic market, has announced another shuffling of its management pack....
FrieslandCampina, which today served up higher profits but lower sales for 2016, is ready to offload the last non-dairy business owned by the Dutch cooperative giant....
To follow on from our earlier notice and after some hard work from our technical team, just-food is back live after today's power outage....
- Why personalisation will take-off in US food
- General Mills sales woes continue - analysis
- US food next wave on display at Winter Fancy Food
- Comment: Meal kits in US - don't believe the hype
- Analysis: Chocolate sector's deforestation pledge
- Kraft Heinz cuts jobs in US, Canada
- Mondelez set for union crosshairs next week
- Recipe-kit firm HelloFresh launches into UK retail
- Mondelez plays down impact of union action
- Germany's Haribo plans first US candy plant