Strategic differences with a key shareholder are believed to be behind the departure of the chief executive of German retail giant Metro, just-food understands.
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Joachim Körber is to leave Metro next months after 22 years at the company. Eckhard Cordes, CEO of German industrial holding firm and large Metro shareholder Franz Haniel, looks set to replace Körber.
Metro told just-food today (20 September) that Körber had asked to leave the company for “personal reasons” but declined to comment any further on his departure.
However, just-food understands that Körber and his likely successor Cordes – who also heads Metro’s supervisory board – clashed over business strategy.
Körber and Cordes are believed not to have agreed on how to take Metro forward and that tension is said to have prompted Körber’s decision to leave the company.
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By GlobalDataFranz Haniel owns just over 34% of Metro and Cordes’ likely appointment to the top job means he will have to resign from his position as head of the retailer’s supervisory board.
The Metro board is set to meet next week to vote on Cordes’ appointment.
Körber first joined Metro in 1985 and was appointed as CEO in 1999. He took on the additional role of chairman in 2001. Körber will leave the company on 31 October.
