Blog: Dean BestAll change at Metro as CEO checks out

Dean Best | 25 September 2007

There are plenty of rumours flying around about German retailer Metro, with the imminent change of leadership said to signal an about-turn in strategy at the company.

CEO Joachim Körber is to leave Metro after 22 years following simmering tension with a key shareholder, which seemingly came to a head in recent weeks.

German industrial holding Franz Haniel, which holds over a third of the retailer, disagreed with the way Metro was being run under Körber. Now, Haniel’s chief executive, Eckhard Cordes, is set to take over at the top – prompting much gossip about the company’s future direction.

Speculation has abounded that Cordes would look to break up the company, which has a lucrative bank of real estate on its balance sheet. The markets seemed to favour Metro’s announcement that Cordes had been put forward to take the hot seat – shares in the company soared to an eight-year high on the news.

Cordes has moved to cool employee concerns that Metro’s Real hypermarkets will be sold off. However, there is little doubt that, as head of a significant investor, Cordes will take a fresh look at Metro’s global footprint – and see how shareholder returns can be improved. Disposals, or some sort of restructuring at the very least, seem likely.


BLOG

Another UK meat supplier under microscope

Sunday saw another product recall involving another UK meat supplier announced by the country's food standards watchdog....

BLOG

And another UK meat recall...

The question marks over parts of the UK's meat supply chain have intensified this morning....

BLOG

US food agency hints at direction of travel with "policy roadmap"

It's light on specific details but a new "strategic policy roadmap" for 2018 from the US Food and Drug Administration should give manufacturers a sense of where the agency could be looking to act this...

BLOG

Vegan tourist tales

I sampled some of the products launched in the UK in the New Year, aimed at those seeking to eat more healthily or cut down on their meat consumption....



Forgot your password?