CEO Ceconomy (Media Markt and Saturn) resigns

Ceconomy CEO Pieter Haas leaves the holding company of German electronics chains Media Markt and Saturn with immediate effect, after another series of disappointing results.

Looking for successor

After Ceconomy had to issue another profit warning last week, CEO Haas now resigns. His temporary successor is CFO Mark Frese, until the electronics giant finds a permanent solution.

Ceconomy had to lower its profit forecast considerably, due to disappointing sales at Media Markt and Saturn. The warm summer is said to have diverted people from purchasing electronics. Ceconomy is now forecasting an operating profit of 630 million euro for the financial year, while it previously assumed profit to be between 680 and 710 million. It was already the second profit warning in a few months with Ceconomy, as last year’s results were already very disappointing.