Alfons Frenk, chairman of Edeka, Germany’s largest food retailer, said yesterday (19 February) that he is to quit the job in two months – just as he announced a “record” year for the company.
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Frenk said he would resign from the position at the end of April due to family commitments, although he plans to keep a job on the board of Edeka’s discount business Netto.
Finance director Markus Mosa will replace Frenk, Edeka said.
The announcements came as Edeka posted annual revenue of EUR38bn for 2007, up from EUR37.2bn (US$54.4bn) a year earlier.
Edeka saw its retail sales in Germany rise 4.5% during 2007 to EUR31bn. “The focus on our core businesses is paying off,” Frenk said.
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By GlobalDataEdeka’s independent retailers, and the company’s Netto stores, both posted double-digit sales growth. Turnover from Edeka’s independent retailers rose 11% to EUR15bn.
Turnover from the Netto business – which Edeka is looking to merge with Tengelmann’s Plus stores in Germany – jumped 14% to EUR3.7bn.
In November, Edeka signed a deal to become the majority shareholder in a discount retail venture, containing its Netto stores and Tengelmann’s Plus outlets. The deal remains subject to approval from Germany’s anti-trust authorities although Edeka plans to take a 70% stake in the venture.
The enlarged business will run around 4,200 stores in total, generating annual sales of about EUR11bn (US$16.1bn).
Edeka will publish its full financial results for 2007 on 30 April.
