The Metro Group has significantly extended the contract of CEO Olaf Koch, underlining its support for his leadership, even as a court laid down a timeframe for when it rule on the group’s proposed demerger.
The group’s Supervisory Board has extended Koch’s contract until 1 March 2022, which it said was “a longer than usual contractual term”, because it “wanted to send a clear signal, both internally and externally, that the strategic alignment of the future Metro is driven sustainably and with the necessary continuity”.
Simultaneously, the group also noted the CFO Christian Baier, COO Pieter Boone and CHRO Heiko Hutmacher have all signed contracts until 30 September 2020. The group noted that the long-term contracts of such senior executives offers the group stability.
Meanwhile, the higher regional court in Duesseldorf said it will make a decision within the next three months on whether to allow Metro’s demerger to go through. While the plan has been approved by the group’s shareholders, it faces four lawsuits from some shareholders, including Erich Kellerhals (the founder of Media-Saturn).