DUESSELDORF (dpa-AFX) - Metro AG's chief executive officer Olaf Koch does not seek a extension of his contract term and he will resign by the end of 2020, the company said in a statement.
Olaf Koch joined the Management Board in 2009, has been chief executive officer of Metro AG since January 2012 and was appointed until March 1, 2022.
The company said its supervisory board will shortly discuss the matter and make a further update.
In recent years Olaf Koch had guided METRO AG's core business of professional wholesaling to HoReCa and independent traders. At the same time, retail formats such as the department store chain Galeria Kaufhof, Media Markt Saturn, and most recently the hypermarket chain Real, were sold or spun off, which led to a debt reduction of over 7 billion euros, Metro said.
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