Tengelmann Billionaire Haub Retires as Outsiders Win Role
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Erivan Karl Haub, who became a billionaire at the helm of Tengelmann Group, retired as advisory board chairman as the family-owned German retail company shifted oversight completely to outsiders.
Two other advisory board members were also replaced as their terms expired, and the body for the first time no longer has members of the retailer’s founding family, Muelheim an der Ruhr-based Tengelmann said today in a statement. Haub, who turned 80 last year, was chief executive officer for 33 years until 2002, and is currently worth at least $4.86 billion, according to data compiled by Bloomberg.