Metro Group is bringing in yet another MD for its troubled UK operation Makro.
Juergen Schwarze will start the role in October, taking over from Klaus Raettig, who was appointed just last month. Raettig will remain on the board as chief restructuring officer, with responsibility for coordinating turnaround-specific activities.
Raettig and three other consultants from AlixPartners were hastily brought in on 10 June when all but one member of the existing board suddenly left the company in a move Metro claimed was amicable and "due to differing views on the strategic direction of the company".
The new directors were never described as an interim measure, but a Makro spokeswoman confirmed that the company had been looking for better representation of Metro on the board since the exodus.
"The rapid departure of the previous board members meant it was not practically possible to find internal replacements overnight," she said. "We have now had the opportunity to identify a suitable candidate for the MD role from within the group, hence the change. Ultimately, the ambition is for all members of the board to be Metro Group employees once suitable candidates have been found. We are also aiming for more talent to come from the UK."
Schwarze, described by Marko as a "restructuring specialist", joined Metro in 2008 as corporate head of internal audit, having previous worked for Haniel Group, a major Metro shareholder.
"I am very much looking forward to getting into this important position and working together with all the colleagues in the UK on the turnaround of our business," he said.
"We all know that we have a very challenging job ahead, but I am absolutely confident there is a lot of potential and many options as long as we fully focus on the needs of our customers."
Makro has racked up losses of more than £100m in the past four years, including a £44.7m loss in the year to 31 December 2009, the most recent accounts available.
Juergen Schwarze will start the role in October, taking over from Klaus Raettig, who was appointed just last month. Raettig will remain on the board as chief restructuring officer, with responsibility for coordinating turnaround-specific activities.
Raettig and three other consultants from AlixPartners were hastily brought in on 10 June when all but one member of the existing board suddenly left the company in a move Metro claimed was amicable and "due to differing views on the strategic direction of the company".
The new directors were never described as an interim measure, but a Makro spokeswoman confirmed that the company had been looking for better representation of Metro on the board since the exodus.
"The rapid departure of the previous board members meant it was not practically possible to find internal replacements overnight," she said. "We have now had the opportunity to identify a suitable candidate for the MD role from within the group, hence the change. Ultimately, the ambition is for all members of the board to be Metro Group employees once suitable candidates have been found. We are also aiming for more talent to come from the UK."
Schwarze, described by Marko as a "restructuring specialist", joined Metro in 2008 as corporate head of internal audit, having previous worked for Haniel Group, a major Metro shareholder.
"I am very much looking forward to getting into this important position and working together with all the colleagues in the UK on the turnaround of our business," he said.
"We all know that we have a very challenging job ahead, but I am absolutely confident there is a lot of potential and many options as long as we fully focus on the needs of our customers."
Makro has racked up losses of more than £100m in the past four years, including a £44.7m loss in the year to 31 December 2009, the most recent accounts available.
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