Karstadt CEO steps down after just six months in the role
The new chief executive of Karstadt, one of Germanys best known department store chains, has stepped down just six months into the role.
Eva-Lotta Sjostedt, who joined the company in February from Ikea, was trying to revive Karstadt’s fortunes by restoring it to profitability after the company was rescued from insolvency in 2010 by billionaire businessman Nicolas Berggruen.
In a statement, Sjostedt said Berggruen had promised full support for her strategy and investment plans for the 83 department stores when she joined Karstadt. However, she said she now realised that her plans could not be brought to fruition following her experience of the last few months.
The company's chairman Stephan Fanderl said: “This step came as a surprise for us and at a very difficult time for Karstadt. Our goal is now to decisively tackle the restructuring of Karstadt with experienced management."
Karstadt's chief financial officer Miguel Muellenbach and human resources head Kai-Uwe Weitz will lead the business until a successor for Sjostedt is appointed.
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