CEC Ceconomy AG

   By Pietro Lombardi and Kim Richters 
 

Germany's Ceconomy AG (CEC.XE) said late Thursday that its supervisory board has appointed a new chief executive after the board and current CEO Joern Werner "decided by mutual agreement" to part ways immediately.

Mr. Werner had only been serving as CEO since March. He is replaced by Supervisory Board Member Bernhard Duettmann, whose appointment is for 12 months.

Chairman Juergen Fitschen thanked the outgoing CEO. "With regard to managing the company, however, there are different views between him and the Supervisory Board, so that the separation is a logical step," he said.

The management board of the company now consists of the new CEO and Chief Financial Officer Karin Sonnenmoser.

The retailer, known for its electronic retail brands and stores MediaMarkt and Saturn, said "there is no indication" that it will miss its outlook.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com and Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

October 18, 2019 01:33 ET (05:33 GMT)

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