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Karstadt names Andrew Jennings as Chief Executive
26
Nov '10
The Supervisory Board of KARSTADT Warenhaus GmbH appointed Andrew R. Jennings as the new CEO. He will take office on 1 January 2011. Thomas Fox will remain with the company on an interim basis to secure the orderly hand-over of responsibilities.

British-born, Jennings is an internationally recognized retail executive with over 35 years experience in management gained among others at Harrods and House of Fraser in England, Brown Thomas in Ireland, Holt Renfrew in Canada and Saks Fifth Avenue in the United States. By the end of 2009, Jennings served as managing director of Woolworth's South Africa, where he led the restructuring of the company with 400 department stores and was responsible for a turnover of USD 2.8 billion.

"We are very pleased that an internationally renowned retail leader like Andrew Jennings takes over the important task of steering KARSTADT into the future," said Alain Caparros, Chairman of KARSTADT.

"His international expertise and his ability to drive innovations based on his economic foresight are crucial and will set the course for our renewed growth."

Andrew R. Jennings says: "I am thrilled to have the opportunity to work with Nicolas Berggruen and Alain Caparros to rejuvenate the iconic KARSTADT brand and advance their vision to create a more dynamic retail emporium of discovery and delight for its key customers," Mr Jennings said. "I am confident that we have the potential to enhance our position as a truly world-class retailer benchmarked against the best in the industry."

Thomas Fox added: "In my view, Andrew Jennings is the best possible choice. KARSTADT will benefit immensely from his international perspective and outstanding track-record."

Nicolas Berggruen commented: "We are grateful for Andrew Jennings readiness to commit himself to KARSTADT's future. His broad experience in the fields of international trade and strategy will be of great value to the company. At the same time we thank the restructuring expert Thomas Fox, an authority on German corporate culture, for his continued commitment."

KARSTADT Warenhaus GmbH


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