German Retail Billionaire Goes Missing During Swiss Ski Tour
Tengelmann Boss Goes Missing in Swiss Ski Resort of Zermatt
(Bloomberg) -- Rescue workers in the Swiss resort of Zermatt are searching for the co-head of family-owned German retailer Tengelmann Group after the 58-year-old German went missing while on a skiing expedition, local police said.
Karl-Erivan Haub, co-chief executive officer of Muelheim an der Ruhr-based Tengelmann, left on Saturday morning for ski touring and never returned, the Valais cantonal police said. The activity is typically done off-piste, with participants ascending a mountain on foot and then skiing down.
In a letter to Tengelmann’s employees and reprinted in German newspaper Handelsblatt, the executive’s brother and co-CEO, Christian Haub, confirmed his disappearance. He said that while the family wasn’t giving up hope, they were preparing for him being absent for a long time.
“Of course our family is prepared for such a situation, so that business can continue in a smooth and orderly manner,” his message said.
The company’s brands include Kik apparel discounters and OBI do-it-yourself hardware stores. It also owns the Trei real-estate management and development company.
To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net.
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, John J. Edwards III, Tom Lavell
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