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Changes on the board of the Media-Saturn Group

17.07.2006

Changes on the board of the Media-Saturn Group

"The founders of Media Markt launched the company with a completely new concept and entrepreneurial courage. Today, 27 years later, the Media-Saturn Group is the European market leader in consumer electronics retailing. Without a doubt, Mr. Stiefel ranks among the most outstanding personalities in German industry", said Dr. Hans-Joachim Körber, CEO of the METRO Group. "Leopold Stiefel is one of the fathers of this extraordinary success story. He turned the concept of a large selling space electronics retailer into a box office hit across Europe."

Erich and Helga Kellerhals, Walter Gunz and Leopold Stiefel founded Media Markt in 1979. In 1988, Kaufhof Warenhaus AG acquired a stake in Media Markt. In 1990 and 1993 followed the takeover of Saturn. Under Stiefel’s management and with the implementation and internationalization of the two-brand strategy, the Media-Saturn Group soon rose to become the largest European electronics retailer. From 1995 to 2005 alone, sales soared fivefold from € 2.8 billion to € 13.3 billion, the number of stores rose from 142 to 558 and the company’s workforce climbed from 8,275 to 37,230 on a full-time basis. Today, the company is active in twelve countries. Market entries into Sweden and Russia are under way. The METRO Group at present holds a 75.41 percent stake in Media-Saturn-Holding GmbH.

Stiefel’s successor, Roland Weise, joined the Board of Media-Saturn-Holding GmbH already back in 1992. After being in charge of the areas Expansion, Finance, Legal, Taxes and Real Estate, he served as Chief Financial Officer from 2001 to 2005. Since 2004 Mr. Weise has been Vice Chairman of the Management Board.

"With the upcoming changes we are taking a step that has been prepared thoroughly and for a long time by the shareholders and the management of Media-Saturn-Holding GmbH", said Dr. Körber. "This way, we have created the preconditions for the continued successful growth of Media Markt and Saturn. I am pleased that Mr. Stiefel will remain associated with the company as a shareholder."

METRO Group ranks among the largest international retailers. In 2005 it achieved sales of € 55.7 billion. The company is active in 30 countries operating more than 2,100 locations with a workforce of around 250,000 employees. The performance capability of the METRO Group is based on the strength of its sales brands, which act independently in the market: Metro/Makro Cash & Carry – world market leader in self-service wholesale, Real hypermarkets and Extra supermarkets, Media Markt and Saturn – market leader in consumer electronics centers in Europe – as well as Galeria Kaufhof department stores.

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