Metro AG, Germany’s biggest retailer, has spent much of the past four years trying to hive off department stores, supermarkets and other assets. With little to show for the effort other than a sinking stock price, the nation’s benchmark index today hived off Metro instead.
Metro AG Chief Executive Officer Eckhard Cordes is likely to remain in his position until November, Spiegel magazine reported, citing unidentified people close to the Haniel family, the company’s main shareholder.
Metro AG Chief Executive Officer Eckhard Cordes has received the support of the Haniel family, which owns Franz Haniel & Cie GmbH, the retailer’s biggest shareholder, to extend his contract beyond October 2012, Reuters reported, citing a statement by a family spokesman.
Metro AG likely won’t extend the contract of Chief Executive Officer Eckhard Cordes after he lost the support of the retailer’s supervisory board, Sueddeutsche Zeitung reported, citing an unidentified board member.
Metro AG is no longer interested in buying German department-store chain Karstadt and combining it with its own Kaufhof unit, Der Spiegel reported today, citing an interview with Chief Executive Officer Eckhard Cordes .
Metro AG’s Chief Executive Officer Eckhard Cordes will step down in the summer of 2014 at the latest after the extension of his contract was limited to a maximum of two years, Financial Times Deutschland said today, citing unidentified people with knowledge of the contract.