Merkur Group founder Paul Gauselmann will call time on his 67-year reign as chairman of the company’s management board on 1 October.
The exec, 90, established the company in 1957 as the Gauselmann Group, which rebranded to Merkur Group this January.
Paul Gauselmann’s exit means that his son Michael will take over as chairman of both the supervisory board, replacing Manfred Grünewald, and the Gauselmann Family Foundation.
Current chief financial officer Lars Felderhoff will become the chairman of the management board.
On his departure, Paul Gauselmann said the time was right to leave Merkur in the hands of the “younger generation”.
“I have consistently devoted my energy to the company’s welfare, and at the same time to the benefit of our approximately 15,000 employees,” he said.
“Now the time has come to entrust my life’s work to the younger generation.”
Felderhoff joined Merkur in 2011 and was responsible for commercial operations within the firm’s business segment until he was promoted to its C-suite in 2018.
Prior to Merkur, he worked for both gaming company GTech, which was rebranded to IGT following its merger in 2018, and Metro Cash & Carry International.
Taking on the top job, Felderhoff will be able to call on management board members Jürgen Stühmeyer and Manfred Stoffers as his vice-chairs.
Stühmeyer, who is responsible for sales, joined Merkur as a trainee in 1987 before rising through the ranks and serving as a management board member since 2007.
Stoffers joined the Merkur Group in 2011 as a consultant to the chairman, before being appointed to the management board in 2015, responsible for marketing, communications and political affairs – a role which he holds to this day.
On the management changes, Paul Gauselmann said: “I am delighted that this trio is taking over the helm. They are outstanding leaders with a deep understanding of the company.”
Felderhoff paid tribute to the departing chairman, saying: “The challenge is immense, and naturally, we will not be able to fill the shoes of an entrepreneur like Paul Gauselmann one-to-one.
“However, the company is robust and agile enough to continue setting new benchmarks in the future.”
Paul Gauselmann will not leave Merkur entirely as he will continue his association as member of the Gauselmann Family Foundation, which will now be spearheaded by his son Michael.
The Gauselmann Family Foundation boasts plenty of influence within the Merkur Group and the strategic decisions made by the company.
Paul Gauselmann concluded: “Reorganising the company by the time I turn 90 has been my wish for some time.
“We have accomplished this very well and are ideally positioned for the future, particularly as my son Michael, both a member of the Gauselmann family and an experienced entrepreneur, will continue to be involved in the most critical decisions.”
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