CEO of German Wholesaler Metro to Step Down at End of Year

(Bloomberg) -- The head of German wholesaler Metro AG plans to step down at the end of the year, an early departure from a position he was slated to hold until March 2022.

Chief Executive Officer Olaf Koch, who has helped oversee a dramatic shift in the company’s strategy, will leave the management board as of Dec. 31, Metro said Friday in a filing. The supervisory board “will deliberate on the matter shortly.”

The Duesseldorf-based company, which recently fended off a takeover bid from Czech billionaire Daniel Kretinsky, has shed retail operations as it seeks to become a pure wholesale company. The business has come under pressure in recent years amid increased concentration in Germany’s grocery landscape, with discounters Aldi, Lidl and Netto gaining market share.

Sysco Corp. approached Metro earlier this year about a potential takeover, Bloomberg has reported.

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