Metro has won a court case which will allow it to make important Media-Saturn decisions by simple majority rule. Previously, Media-Saturn founder Erich Kellerhals had the right to veto every decision.
Circumvent founder veto
Metro and Kellerhals have locked horns for quite a while: as he still owns 22 % of the chain’s shares, he was able to block important decisions easily. This difference in insights led to Media-Saturn’s late appearance in the online market.
A Munich court has now decided that Metro can appoint a separate management for decisions over budget and purchases, where they can decide with a simple majority. That way, Kellerhals’ possible veto can be sidestepped.
"We now have legal and planning security and can continue to forge ahead with the major strategic repositioning of Media-Saturn”, Metro CEO Olaf Koch stated. “We are confident that we can maintain the growth path of Media-Saturn.”
(Translated by Gary Peeters)