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government-trade

Metro Names New CEO

Olaf Koch to take reins.

BERLIN — Metro AG named its new chief executive officer at a special session of its supervisory board meeting on Friday. Olaf Koch, the current chief financial officer, will take over the reigns from Eckhard Cordes, who steps down December 31. At the meeting, Franz Markus Haniel was also named chairman of the supervisory board, taking over for Jürgen Kluge. A new chief financial officer for the company will be discussed when Metro’s supervisory board meeting convenes on December 16.

The 41-year-old Koch previously worked for Daimler-Benz, and joined Metro in 2009, where he has held board responsibility for the Kaufhof department store chain since October 2010.

Metro is currently in talks to sell the 139-door Kaufhof chain. Kaufhof has a number of suitors, reportedly among them a coalition of German business families, Austrian real estate company Signa Group, Karstadt owner Nicolas Berggruen, and Spanish chain El Corte Ingles.