Metro AG CEO Olaf Koch to step down at the end of the year

Date: 24/08/2020 Comments: 0
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Metro AG CEO Olaf Koch to step down at the end of the year
German wholesaler Metro AG has announced that CEO Olaf Koch will step down from the position at the end of this year.
 
On Friday (21 August), Koch informed the supervisory board of his decision to not renew his contract beyond 31 December 2020. He was to lead the company until at least March 2022.
 
The supervisory board approved the mutual termination of Koch's contract as of 31 December 2020 at an extraordinary meeting held yesterday (23 August).
 
Chairman of Metro’s supervisory board, Jürgen Steinemann, commented, "The supervisory board has accepted with regret the decision by Olaf Koch not to be available for a further extension of his term.
 
“Olaf Koch will, therefore, be released from his obligations as CEO of Metro AG as of 31 December 2020."
 
Koch joined the management board of the company in 2009 and was appointed as the CEO of Metro AG in January 2012. He described his stint with Metro AG as “an intensive but rewarding marathon” and said, “After eleven years on the board of Metro AG, including almost nine years as CEO, we have achieved a major objective in transforming Metro from a conglomerate into a specialised and innovative food wholesaler.”
 
“The decision was not easy for me after working for more than a decade with a great team and having established so many valuable relationships with customers and business partners, but I think that the start of this new phase for the company is a good time for me to step down,” he added.
 
In recent years, Olaf Koch guided Metro AG's core business of professional wholesaling to HoReCa and independent traders.
 
He was responsible for turning the business by focusing on local needs and the expansion of services and implementation of digital solutions. Under his leadership, Galeria Kaufhof, Media Markt and hypermarket chain Real were either sold or spun off helping the company achieve a debt reduction of over €7 billion.
 

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