- Push-out Score determined
- After less than four years in the position
- Praise, thanks and words of regret for Koch
- Search for a successor
- Koch kept it short and said 26 words
(exechange) — Düsseldorf, Germany, August 23, 2020 — Olaf Koch, chief executive of Metro, leaves. As announced by Metro AG in a news release on Sunday, August 23, 2020, Olaf Koch leaves his post as chief executive officer at the operator of wholesale stores after less than four years in the role, effective December 31, 2020.
Metro will undertake a search for a successor.
No reason given
In the announcement, Metro did not explicitly explain the reason for Olaf Koch’s move.
Precise information regarding Olaf Koch’s future plans was not immediately available.
Metro said: “At an extraordinary meeting held today, the Supervisory Board of Metro AG under the leadership of Supervisory Board Chairman Jürgen Steinemann discussed the decision by CEO Olaf Koch, announced last Friday by ad hoc publication, not to seek an extension of his contract and to leave the company at the end of 2020. The Supervisory Board approved the mutual termination of Olaf Koch’s contract as of 31 December, 2020, thanked him for his great service and agreed on an orderly process for the selection of a new CEO.”
Share price decline
The announcement follows a decline in Metro AG’s share price of 54% since July 2017.
Chaired by Jürgen Steinemann
Jürgen Steinemann serves as Metro AG’s Supervisory Board Chairman.
From 2015 until the effectiveness of the demerger of Metro Group in July 2017, Steinemann was a member of the supervisory board of the old Metro AG (now: Ceconomy AG) and from February 2016 on its chairman. Since 2017, Steinemann has been member and chairman of the supervisory board of today’s Metro AG.
In the position of CEO since 2017
Olaf Koch became CEO of the Company in 2017.
His bio reads as follows:
Born on June 1, 1970 in Bad Soden am Taunus
Areas of responsibility
Corporate Communications, Public Policy, M&A; Legal; Compliance, Corporate Office, Strategy; Investor Relations, Corporate Responsibility, Global Branding & Activation, Hospitality Digital, Metro Markets, Metro-Nom.
Olaf Koch has been Chairman of the Management Board of Metro AG since 2 March 2017 and has been appointed until 1 March 2022.
From 1 January 2012 to 12 July 2017, Koch was Chief Executive Officer and from 14 September 2009 until the end of 2011, member of the Management Board (CFO) of the former Metro AG (now Ceconomy AG). He previously worked for the financial investor Permira. His career began in 1994 with a degree in business administration at Daimler-Benz AG. Between 2002 and 2007 he was a member of the executive board of the Mercedes Car Group.
Membership in other statutory supervisory boards of German companies
Metro-Nom GmbH (Chairman)
Membership in comparable German and international boards of business enterprises
Hospitality Digital GmbH – Advisory Board (Chairman).
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Metro and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 35.2020 ($).