Germany's second largest retailer, the Rewe Group, has this morning announced that CEO Alain Caparros has signed a new contract which will see him remain at the helm of the company until at least the end of 2018.
Rewe's supervisory board decided yesterday at a meeting to extend Caparros' contract, which was due to run out in 2016, by two years.
"Given the size and complexity of the tasks ahead of us, it is the period until the end of 2018 that I want to give my full commitment and dedication to. I thank the Board for its confidence that I, as a CEO, can drive new projects started as well as reforms purposefully and consistently," explained Caparros.
"We are convinced that an extension of the contract of the CEO for the required consistency and continuity. The decision for an early two-year extension to the end of 2018 gives us a reliable period for another five years," said Heinz-Bert Zander, Rewe Chairman.
The cooperative Rewe Group is one of the leading trading and tourism groups in Germany and Europe. In 2012, the company achieved total external revenue of around €50 billion.
Currently, it has 328,000 employees and 15,500 stores in 13 European countries.
