(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.
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Olaf Koch
![a man wearing a suit and tie: Olaf Koch](https://www.msn.com/{"default":{"load":"default","w":"80","h":"53","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB18eW39.img?h=533&w=799&m=6&q=60&o=f&l=f&x=872&y=482"},"size3column":{"load":"default","w":"62","h":"42","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB18eW39.img?h=417&w=624&m=6&q=60&o=f&l=f&x=872&y=482"},"size2column":{"load":"default","w":"62","h":"42","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB18eW39.img?h=417&w=624&m=6&q=60&o=f&l=f&x=872&y=482"}})
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.”
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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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Gallery: 11 of the biggest bankruptcies so far in 2020 have been major retailers. Here’s the full list. (Business Insider)
![a close up of text on a white background: Retailers and other consumer-centric companies have been hit hard by the coronavirus pandemic.Of the 35 bankrupt companies that reported more than $1 billion in liabilities at the time of their filing, 11 were consumer-centric companies. Here are the 11 biggest consumer company bankruptcies to happen so far in 2020. Visit Business Insider's homepage for more stories.This year has been huge for bankruptcies. As of August 9, 424 companies had filed for bankruptcy, putting the US on track for its highest yearly tally in a decade, according to S&P Global Market Intelligence.More than 100 of those bankrupt companies are consumer-focused.Those consumer companies have also been among the most high-profile businesses to file for bankruptcy, accounting for 11 of the 35 biggest bankruptcies so far this year. With the temporary closure of nonessential retail stores, and many people shifting their spending as they continue to stay home, it makes sense that consumer-centric companies would be among the hardest hit during the coronavirus pandemic.Here are the biggest consumer bankruptcies so far this year, each with more than $1 billion in liabilities at the time of their filing, according to S&P.Read the original article on Business Insider](https://www.msn.com/{"default":{"load":"default","w":"80","h":"40","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB186Fwe.img?h=400&w=799&m=6&q=60&o=f&l=f"},"size3column":{"load":"default","w":"62","h":"31","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB186Fwe.img?h=312&w=624&m=6&q=60&o=f&l=f"},"size2column":{"load":"default","w":"62","h":"31","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB186Fwe.img?h=312&w=624&m=6&q=60&o=f&l=f"}})
