Ceconomy, the consumer electronics business that split off from wholesaler Metro last year, said its chief executive is to leave with immediate effect and it will also look for a new finance chief.
The announcement by Europe's biggest consumer electronics retailer follows the news that the business’ shares tumbled on a string of profit warnings.
Ceconomy said Pieter Haas, CEO since the company split from retailer Metro last year, had agreed to leave by mutual consent, with CFO Mark Frese and management board member Dieter Haag Molkenteller taking over on an interim basis.
Staying On
In a statement released over the weekend, Ceconomy said Frese would stay on at the company until successors are found for the CEO and CFO roles.
"We are firmly convinced that this is the only way for Ceconomy to restore the trust that has been lost on the capital market," Juergen Fitschen, chairman of the supervisory board said in the statement.
Last week, Ceconomy issued its third profit warning, citing weak business at its MediaMarkt and Saturn store chains, sending its shares tumbling.
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