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October 10, 2011

UPDATE: GERMANY: Metro CEO Cordes received vote of no confidence

Metro Group CEO Dr Eckhard Cordes received a vote of no confidence from the retailer's supervisory board, prompting his decision not to ask for a renewal of his contract, just-food understands.

Metro Group CEO Dr Eckhard Cordes received a vote of no confidence from the retailer’s supervisory board, prompting his decision not to ask for a renewal of his contract, just-food understands.

Yesterday (9 October), Dr Cordes announced he was not extending his current contract beyond October next year due to “trust” issues between himself and management.

A source close to the situation today (10 October) told just-food that the board held a vote over whether they felt he should seek an extension to his contract. A majority voted that he should not. When informed of the decision, he chose not to seek an extension.

“He decided that knowing there is no support, he will not extend his contract,” the source said.

The company has already started looking for new candidates and there have been discussions between these and the board, the source added.

“In a few weeks, names could be announced,” the source said.

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