The supervisory board of Metro AG has announced it has extended the contract of chief executive Dr Steffen Greubel for another five years.
This means that Greubel will hold the role of CEO at the wholesale giant until 30 April 2029. He has been chairman of the management board of Metro AG (CEO) since 1 May 2021.
Long Term Strategy
Metro AG said that with this decision, the supervisory board has confirmed the long-term strategic orientation of the company, which was developed by the CEO together with the other members of the management board.
The group said the strategy relies on continuity at the top of the management board in the 'transformation' towards a pure food wholesaler.
'Signal For Continuity'
"Since taking office, Steffen Greubel has given Metro a clear focus on food wholesale with the sCore strategy, which is clearly showing success," said Jürgen Steinemann, chairman of the supervisory board of Metro AG. "As a leader, he has also succeeded in inspiring the employees in the country organisations and headquarters to implement this strategy efficiently by realigning the corporate culture.
"The supervisory board fully supports this course and, with the extension of his contract, is sending a deliberate signal for continuity."
Commenting on the announcement, Greubel said, "I would like to thank the supervisory board for its support of our multichannel wholesale strategy and for the confidence in me expressed by the extension of my contract.
"I am firmly convinced that Metro, as a leading food wholesaler in a fragmented market, has potential for sustainable and profitable growth. In this respect, we reaffirm our sCore targets to achieve sales of more than €40 billion and EBITDA of more than €2 billion by 2030."
Greubel added that he was looking forward to continuing to contribute to the group's strategy, alongside other members of the executive board and with Metro teams in various markets.