Coop Denmark has announced that its chief executive officer Peter Høgsted is to retire by the end of this year.
Høgsted took over as the top boss in 2013 and was responsible for leading a major transformation in the company.
He focused on quality, digital transformation and established Coop as a responsible grocery retailer in the country.
'Digital Leadership Position'
Board chairman of Coop Denmark, Lasse Bolander, commented, “We have a digital leadership position with our Coop App, Scan & Pay latest Coop Prime and two successful online stores, Coop.dk Shopping and Coop.dk Mad.
“He has solved the task he was given seven years ago and is leaving Coop at a time when things are going well.”
The company aims to find a replacement for Høgsted by the end of the year.
Coop Denmark expects an economic downturn following the Coronavirus crisis despite satisfactory performance in the first eight months of 2019.
Bolander added, “We must prepare for a phase where streamlining, cost savings and strengthening the low-cost concepts will be crucial for Coop's competitiveness.
“The task of the future CEO will be to strengthen the focus on the efficient operation of the entire organisation.”