Metro supervisory board chief quits

17th October 2011, Comments 0 comments

German retail giant Metro said Monday that its supervisory board chief Juergen Kluge has resigned, just two weeks after the group's chief executive also said he was quitting.

"Juergen Kluge, chairman of Metro AG's supervisory board, has today announced his resignation with a notice period of one month," the world's number three retailer said in a short statement.

It provided no indication of Kluge's reasons for leaving, but earlier this month, Metro chief executive Eckhard Cordes said he would no longer seek to extend his contract ending next year.

Metro is owned by the Haniel and the Schmidt-Ruthenbeck families, who reportedly disagreed on whether Cordes' contract should be extended and the chief executive therefore decided to leave, saying the rumours had undermined his authority.

Kluge was seen as one of Cordes' allies within the group.

In 2010, Metro sales gained a modest 2.6 percent to 67.3 billion euros ($92.6 billion) while net profit more than doubled to 850 million from 383 million in 2009, the company reported in March.

© 2011 AFP

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