Eckhard Cordes is to step down as the chief executive of Metro Group, pointing to divisions in the boardroom over his control of the company.

His contract expires next year and Cordes said over the weekend he would not be seeking an extension.

“A company requires trustful co-operation and a unity of the highest degree between the management and supervisory board,” he said.

Blaming the “the incidents of recent weeks and months” for his decision, Cordes said “the trustful basis to stay on [as chief executive] does not exist any more”.

The news comes after Makro, the UK wholesaler owned by Metro, last week revealed in new accounts that losses had more than halved from £44.7m in 2009 to £20m last year.

Read more
First-half profits dip at Makro parent Metro (2 August 2011)
Record profits at Makro parent thanks to Shape 2012 restructure (22 March 2011)