ASX Announcement – Intended retirement of Mr Andrew Reitzer as CEO
In February 2010, Metcash Limited (“Metcash”) announced that Mr Andrew Reitzer intended to retire in 2013 as CEO of Metcash.
The Board of Metcash today confirms Mr Reitzer’s intention to retire as CEO. It is currently anticipated that Mr Reitzer will step down as CEO effective 30 June 2013 and will cease employment with Metcash on 30 September 2013. The Board and Mr Reitzer have agreed that Mr Reitzer’s services will be retained as a consultant to the Board for strategic advice and assistance in relation to key customer, supplier, and joint venture relationships, for 3 years following Mr Reitzer’s cessation date. During the consultancy period, Mr Reitzer will be subject to appropriate non-compete restrictions. The consultancy fees will be set on commercial terms.
The Board has commenced its CEO succession planning and expects to make an announcement regarding Mr Reitzer’s successor in February 2013.
The Board is grateful to Mr Reitzer for his outstanding leadership of the Company and his many contributions to the ongoing success of the business and looks forward to his continued contributions in the future.
The Board has authorised Mr Reitzer, as part of his retirement planning, to sell up to 50% of his current shareholding in Metcash during trading windows.
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