The Metro board manages to win one against Media-Saturn founder Erich Kellerhals over who calls the shots in the largest European CE retailer-- Reuters reports the Federal Supreme Court dismisses the Kellerhals complaints against the Metro advisory board.
The case was an appeal against an earlier, similar decision taken by the Munich Higher Regional Court.
Metro says it now has "legal and planning security," even if the courts fail to decide on a settlement between the two parties.
"We hope that the decision of the Supreme Court forms a basis for further pacification between shareholders," the retailer continues.
The rumblings between Metro Group leadership and Kellerhals has been going on ever since at least 2010, when then CEO Ekhard Cordes was brought to the company. A grand old man (age 74) and a powerful minority shareholder, Kellerhals was afraid of the changes Cordes threatened to introduce-- leading to Cordes stepping down as CEO on October 2011 despite the option to extend his contract to October 2012.
"...I have come to the conclusion that the trustful basis to stay on as the head of METRO AG's top management does not anymore exist," Cordes said back then.
Following that, Kellerhals brought further grief to the board through use of his veto rights-- so much so the retailer established an advisory board to prevent his doing so, driving Kellerhals to the courtroom.
However the drama is not over yet, as further cases involving the Metro board await at the Munich Higher Regional Court. In other words, the legal and corporate bloodshed within the Metro boardroom continues apace...
