The two chief executives of German retail giant Rewe Group and Swiss counterpart Coop have been forced to pull the plug on plans to sit on each company’s board of directors.
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Rewe CEO Alain Caparros (pictured) and Coop boss Hansueli Loosli were due to become directors under plans drawn up in October when the two companies formed a wholesale business – transGournet Holding.
The EU gave the venture, which is the second-largest cash-and-carry and foodservice company in Europe, the green light just before Christmas.
However, Caparros and Loosli have had to abort plans to take a seat on their partner’s board over fears the move could contravene German corporate governance guidelines.
Coop today (12 June) insisted that there was “no evidence” at the time the venture was signed that such a move would be illegal.
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By GlobalDataHowever, Loosli will now not join Rewe’s board, while Caparros will step down from the Coop board immediately.
