Germany's Tchibo has announced that John Karakadas has stepped down from the position of chief executive of the group's coffee unit.

Karakadas, who was appointed CEO of Tchibo Frisch-Rost-Kaffee in February 2002, left the company effective 15 September. Rainer Kutzner, another senior executive of the coffee unit, is also leaving.

Tchibo said the decision was made "in mutual agreement", reported Reuters.

The company did not name a successor for Karakadas.