October 16, 2019 / 9:15 AM / a month ago

CEO of Germany's Ceconomy on way out: sources

FILE PHOTO: The logo of Ceconomy AG, Europe's largest consumer electronics retailer operating the consumer electronic chains Media Markt and Saturn is pictured at the company's headquarters in Duesseldorf, Germany, August 9, 2019. REUTERS/Wolfgang Rattay/File Photo

DUESSELDORF (Reuters) - The chief executive of struggling German consumer electronics chain Ceconomy (CECG.DE) is set to be removed after only a few months in the job due to an internal power struggle, sources close to the company said on Wednesday.

Ceconomy said in a brief statement late on Tuesday that the supervisory board would discuss on Thursday the possible early termination of Chief Executive Joern Werner, who took over in March, without giving further details.

Shares in the company, which is listed on Germany’s small-cap SDAX .SDAXI index, were trading 2% lower at 0900 GMT.

Werner has clashed with Ferran Reverter, the head of the company’s Media Markt and Saturn store chains, over future strategy and the speed of its implementation, sources close to the company told Reuters.

“The power struggle has escalated,” one source said. “Mr Werner must now draw the consequences.”

A Ceconomy spokeswoman declined to comment beyond pointing to the brief statement issued late on Tuesday.

Another source said opinions on the supervisory board were very aligned, with only a very small possibility that they would choose to keep Werner.

Werner, who previously ran retailer Conrad Electronic, was appointed in January to replace managers the supervisory board had removed last October after a profit warning.

Reportering by Matthias Inverardi, writing by Emma Thomasson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below