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12 March 2014

Extension of the CEO’s contract to end of 2018

During its last meeting, the Supervisory Board of REWE Zentralfinanz eG prematurely extended the contract of the CEO of REWE Group, Alain Caparros, by two years to 31.12.2018.

Heinz-Bert Zander, Chairman of the Supervisory Board, explains: “The Supervisory Board of REWE Zentralfinanz eG has unanimously extended Alain Caparros’ contract by two years because future strategic tasks are to be implemented in REWE Group beyond the previous end of his contract in December 2016. These tasks have already been put in place and, as all members of the Supervisory Board agree, require continuity in the person of the CEO. Even if the turnaround at PENNY in Germany will already have been completed by 2016, our enterprise continues to have a highly demanding agenda of change and renewal which has been decisively influenced by Alain Caparros.

This includes the further strengthening of business of the small and medium-sized independent retailers in the structural project “REWEformer 2.0”, the establishment of new business models in stationary and digital trade and the fundamental modernisation of national and international distribution networks. These are central requirements for the future viability of our cooperative group which have highest priority for the coming five years up to the end of 2018. We are convinced that an extension of the CEO’s contract will provide the requisite consequence and continuity. The extension of the contract expresses the Supervisory Board’s appreciation for Alain Caparros’ work as CEO since 2006 and above all for his willingness to revise his original plans for the end of his professional career in favour of our enterprise once again. The decision in favour of a premature extension by two years to the end of 2018 gives us a reliable planning period for a further five years whilst accommodating the personal plans of Alain Caparros.”

Alain Caparros explains: “In view of the size and complexity of the tasks ahead of us, the period up to the end of 2018 is a medium-term perspective to which I am fully committed. I wish to thank the Supervisory Board for its trust in my ability as CEO to ambitiously and systematically push ahead with the projects and reforms which have already been launched.”

The cooperative REWE Group is one of the leading trading and tourism groups in Germany and Europe. In 2012, the company generated a total external turnover of around 50 billion euros. REWE Group, founded in 1927, operates 15,500 stores with 328,000 employees in 13 European countries. In 2012, around 226,000 employees generated sales totalling 36 billion euros in about 11,000 stores in Germany. Our sales lines include supermarkets and consumer stores under the REWE, REWE CENTER, REWE CITY, toom and BILLA brands, the PENNY discounter brand, toom Baumarkt DIY stores and B1 discount DIY stores. Under the umbrella of DER Touristik, travel and tourism includes the tour operators ITS, Jan Reisen and Tjaereborg, as well as Dertour, Meier’s Weltreisen and ADAC Reisen, and the business travel division FCm Travel Solutions with over 2,100 travel agencies (including DER Reisebüro, DERPART), and the hotel chains lti hotels, Club Calimera and PrimaSol Hotels, and the direct tour operator