© Reuters. CEO of electronics retailer Ceconomy quits after profit warnings

FRANKFURT (Reuters) – Ceconomy (DE:), Europe’s biggest consumer electronics retailer, said its chief executive will leave with immediate effect and it will also look for a new finance chief after its shares tumbled on a string of profit warnings.

Ceconomy said Pieter Haas, CEO since the company split from retailer Metro (DE:) 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.

In a statement released early on Saturday morning, 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.

Earlier this week, Ceconomy issued its third profit warning, citing weak business at its MediaMarkt and Saturn store chains, sending its shares tumbling.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Stocks - Tesla, Facebook, Oracle Fall in Pre-market; Apple Rises

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here