The CEO of German supermarket giant Aldi Nord, Marc Heussinger, has quit the company, according to Spiegel Online.
The move comes after reports of disputes between the company’s shareholders and the CEO hindered the execution of his duties as top boss, according to the news portal.
Deputy general manager and board member, Torsten Hufnagel will take on the responsibility of the board of directors, the report said.
Ownership Disputes
The company is operated by Theo Albrecht Jr, his mother Cäcilia, and several other Albrecht family members.
The shares of the company are now distributed in three foundations that are mired in various disputes.
Heussinger joined Aldi Nord in 1998 and was appointed as CEO 13 years later, in 2011. In 2017, his tenure as CEO was extended by five years to 2021.
The contract extension process remained unfinished for a long time as the Berthold heirs reportedly couldn't come to an agreement on the future direction of the company.
Store Modernisation
Last year, Aldi Nord announced that it was on the brink of authorising a €5 billion store modernisation project, its largest investment to date.
The programme, 'Aniko', was initiated to modernise the company's 2,300 outlets in Germany and approximately 2,400 stores in other European countries.
Sources close to Heussinger have said that constant doubt expressed by the Jakobus Foundation, one of the three foundations of the group, affected the CEO from carrying out his duties under the Aniko programme, Spiegel said.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
