Leading Belgian international food retailer, Etablissements Delhaize Fr (DEG), better known as Delhaize Group, recently announced the appointment of Frans Muller as its new Chief Executive Officer (CEO). Delhaize Group also announced the resignation of Roland Smith from his role as the CEO of Delhaize America segment.
Muller, aged 52, will replace the current CEO, Pierre-Olivier Beckers, upon the latter’s retirement. While Muller will join the company on Oct 14 to ensure a smooth transition, he will take up the role of the CEO later on Nov 8. Pierre-Olivier will still continue to serve the board in a non-executive capacity.
Muller, formerly a member of the Management Board of Metro AG (better known as Metro Group), a German international retailing company, commands more than 15 years of senior leadership experience in the retail sector. He has also served as the CEO of Metro Cash & Carry, the largest sales division of Metro Group, and therefore boasts a deep understanding of the global food retailing business.
Delhaize Group operates through food supermarkets and operates companies in 10 countries on three continents — America, Europe and Asia. These companies have been grouped into three segments for the purposes of reporting: the United States, referred to as Delhaize America, Delhaize Belgium and Southeastern Europe & Asia.
Delhaize Group operates a network of 3,455 stores. Its American Depositary Receipts (ADRs), each representing one ordinary share, are listed on the New York Stock Exchange under the symbol “DEG.”
DEG carries a Zacks Rank #2 (Buy). Other companies in the retail/supermarket industry that are doing well are Koninklijke Ahold N.V. (AHONY), J. Sainsbury plc (JSAIY), and The Kroger Co. (KR). While Koninklijke carries a Zacks Rank #1 (Strong Buy), the other two companies carry a Zacks Rank #2 (Buy).Read the Full Research Report on DEG
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