Metcash chairman to retire
Director and Chairman of Metcash Limited, Mr Carlos dos Santos announced today that he is retiring at the conclusion of the Company’s Annual General Meeting on 2 September 2010.
Mr dos Santos said “In February of this year, it was announced that Andrew Reitzer would remain as CEO of Metcash Limited for the next three years when he would then retire. Having been Chairman of Metcash since 1998, I feel that the time is approaching to step aside and pass the chair. In order to provide a smooth transition and avoid appointing a new Chairman and CEO at the same time, I have decided to retire as a Director at the close of the 2010 Annual General Meeting”.
The Board has decided that Peter Barnes, the Deputy Chairman, will replace Mr dos Santos as Chairman and work with Mr Reitzer to develop candidates to replace him as CEO in three year’s time.
Michael Jablonski has also decided to retire from the board at the conclusion of the 2010 Annual General Meeting after serving as a director for twelve years. Michael will remain as a member of the Executive Team in his role as Group Merchandise Director.
Mr dos Santos said “It has been a privilege to have been Chairman of the Metcash business for the past twelve years during which the company has been transformed from the struggling wholesaler that it then was into the successful $12 billion business that it now is. I am confident that, with the strength and talent of the management team and Board, Metcash will continue to grow and thrive over the coming years.”
During his time as Chairman, the company’s market capitalisation has grown from around $300 million to $3.4 billion and Metcash customers, the independent retailers, restored to a competitive and viable position.