The chief executive officer of Metro Cash & Carry, part of the German wholesale group Metro, is set to resign as part of a restructure aimed at improving the efficiency of its senior management.
In a statement, the retailer attributed the decision to their supervisory board and said it represented a strategic move for their business segment with the highest sales and earnings.
Metro said that Frans Muller will step down from the company by “mutual agreement” on the last day of March.
“Metro Group and Metro Cash & Carry owe a lot to Frans Muller,” said Franz Markus Haniel, chairman of the supervisory board. “Since 2002, he has made a significant contribution to the development of Metro Cash & Carry and the reorganisation of its business.”
The retailer subsequently announced that chairman and chief executive Olaf Koch is set to take over operational responsibility of the division following its consolidation with the functioning of the main group.
Chief financial officer Mark Frese will subsequently assume responsibility from Koch for Metro's department store chain Galeria Kaufhof, real estate entity Metro Properties, and investor relations.
No comments yet