Management Shakeup at Galeria as CEO Departs

Galeria, a prominent department store chain, has announced a significant leadership change with the departure of its CEO, Olivier Van den Bossche. This decision comes during a critical period for the company, which has been navigating financial challenges and restructuring efforts.

Effective immediately, the company will be led by a dual leadership structure consisting of Tilo Hellenbock, who has been promoted to Chief Operating Officer (COO), and Christian Sailer, who continues in his role as Chief Financial Officer (CFO). This strategic shift aims to streamline the management structure and enhance focus on the ongoing turnaround initiatives.

Galeria has faced multiple insolvencies in recent years, resulting in a significant reduction in its number of retail locations, now standing at just 83 stores. The company is currently owned by the US investment firm NRDC and a holding company associated with entrepreneur Bernd Beetz. This ownership change occurred following the merger of its historical rivals, Karstadt and Kaufhof, which have since been absorbed into the Galeria brand.

Van den Bossche joined Galeria in 2022 as the head of sales and was appointed CEO in June 2023. Under his leadership, the company has reportedly seen some positive developments during its restructuring phase. However, the board has decided to pursue a different direction, aiming for renewed growth and stability.

In a recent statement, Galeria emphasized that despite the challenging economic environment, the company is on a solid financial foundation, with an improved business performance that has exceeded last year's results by over 100 million euros. The leadership transition is seen as a pivotal step in positioning Galeria for a successful future.

The company is committed to continuing its efforts to enhance operational efficiency and drive profitability, as the newly appointed leadership team sets out to implement their vision for the next phase of Galeria's development.