Dutch CEO at Media-Saturn under pressure from founder

Dutch CEO at Media-Saturn under pressure from founder

Even though Media Saturn's CEO Pieter Haas has only been on his position since 2014, he is already under tremendous pressure as founder and minority shareholder Erich Kellerhals is using judicial means to relieve him from his duties.

Disputes

Kellerhals had already tried to get him relieved 6 months ago (a claim which the judge dismissed), but now the case has moved to another court in Ingolstadt. The minority shareholder is not satisfied with the company's course and has also opposed the CEO's position in the parent company's board, namely Metro Group.

 

Both men have vastly different opinions on the company's future, mainly on its expansion and online activities. Haas reproached Kellerhals of standing in the way of innovation. With 22 % of the company's shares, Media Markt-Saturn's founder only has a minority stake, but he maintains his veto power.

 

Haas became the new CEO when Horst Norberg, whose contract would have ended this year, terminated his contract prematurely.

Questions or comments? Please feel free to contact the editors


Samsung targets record fourth quarter profit

09/01/2018

Korean technology firm Samsung has released preliminary quarterly results indicating it forecasts record profits in 2017’s fourth quarter. Nevertheless, it does not seem it can live up to analysts' expectations.

MediaMarkt's co-founder passed away

28/12/2017

Erich Kellerhals, co-founder of electronics chain MediaMarkt, has died on Christmas day, aged 78. The German laid the foundation for one of the world’s largest electronics chains in 1979.

Media Markt's parent company thrives thanks to online

19/12/2017

Media Markt and Saturn’s new parent company, CECONOMY, has performed well in its fiscal year 2016/2017. Its 1.3 % turnover increase was largely thanks to improved online sales.

Carrefour and Fnac Darty consider purchase alliance

01/12/2017

Supermarket firm Carrefour and electronics seller Fnac Darty are considering an alliance for their electronics acquisitions. The combination could lower purchase prices.

Media Saturn launches a first, fully virtual shopping world

21/11/2017

Saturn customers can use their own VR goggles to see products in two virtual environments. It is not yet possible to actually buy something in VR however.

Pieter Haas, CEO Ceconomy: "We sell the consumer a digital life"

03/11/2017

MediaMarkt’s parent company, Ceconomy, has the key to consolidate the European electronics industry even more. The retailer will sell services and solutions: “We help people make the right decisions.”

Back to top