Eckhard cordes biography of michael
Michael Schmidt-Ruthenbeck
German billionaire businessman
Michael Schmidt-Ruthenbeck (born ) is a German billionaire businessman, together with his brother Rainer, owner of 16% of the retail group Metro AG.
Early life
He is the son of Wilhelm Schmidt-Ruthenbeck and Vera Ruthenbeck. His brother is Rainer Schmidt-Ruthenbeck and his sister is Viola Schmidt-Ruthenbeck.
Career
In the s his family founded the Stiftung Mercator, the Mercator Schweiz and the Karl Schmidt Family Foundation.
In February Michael ousted Reiner from the managing director position at Metro AG. Sometime in (likely September) the family holding company sold its share of Metro AG from % to %.
In August Otto Beisheim was the victim of a boardroom coup when the Haniel family interest acquired more capital than they had already in Metro AG; together with the Schmidt-Ruthenbeck family holding they held a majority share and Beisheim was frozen out of control.
Schmidt-Ruthenbeck and Metro AG were investigated by the Competition Bureau in for some reason of concentration (probably some sort of merger with Franz Haniel & Cie.) but the Bureau decided not to proceed.
In September , Haniel owned 34 percent of Metro AG; the Schmidt-Ruthenbeck family owned 16%. CEO Eckhard Cordes feared for his job.
On the Forbes list of the world's billionaires, he and his brother were ranked # with a net worth of US$ billion.
In it was reported that Cambiata Schweiz was owned by Michael Schmidt-Ruthenbeck and his family.
In it was revealed that the Schmidt-Ruthenbeck holdings in Metro AG were controlled via the Meridian Foundation mechanism. The family was then engaged is a boardroom tussle with the Czech investor Daniel Kretinsky, who on 21 January controlled % of the shares. Another significant holding was that of the Beisheim Group.
In October the Schm
Germany&#;s richest families benefit from retail recovery
The worldwide recovery in consumer spending helped to bolster the earnings of Metro AG, one of the world's biggest family-controlled retailers.
Metro reported earnings before interest and tax for the six months to the end of June rising to € million, from € million a year ago. Sales rose % to € billion. Non-family chief executive Eckhard Cordes said in a statement that Metro plans to rise capital spending to € billion in , up from € billion this year.
The retailer, which has outlets throughout the world, is controlled by three of Germany's wealthiest families/individuals – founder Otto Beisheim, and the Haniel and Schmidt-Ruthenbeck families. Together, they control more than 60% of the shares in Metro.
Forbes estimated Beisheim's wealth at $ billion and that of Michael and Rainer Schmidt-Ruthenbeck at $ billion. Members of the Haniel family share ownership of Franz Haniel & Cie, a conglomerate whose businesses span pharmaceuticals, construction materials and environmental services. They control around 18% of Metro, and are estimated to be worth at least $10 billion.
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Programme
The higher cost of doing business in capital cities coupled with the shortage of skilled labour and congested infrastructure is prompting international businesses to shift attention to the regions when entering or expanding industrial operations in Russia. But to fully capitalize on this trend, regional governments must better prepare the business environment. What government measures are presently lacking, and how should industrial zone systems be improved? How can start-up costs be better managed, and what incentive schemes can be expanded upon to maximize foreign investment?
Moderator:
Michal Rutkowski , Russia Head, World Bank
Michal Rutkowski
Russia Head, World Bank
Michal Rutkowski is a newly appointed Country Director for the Russian Federation. He is also a former Director of the Office for Social Security Reform in the Government of Poland () and a co-author of the design of the new Polish pension system. From , back in the World Bank, as Sector Manager for social protection, he led a team of professionals working on pensions, labor market and social assistance reforms in 28 countries of Central and Eastern Europe and former Soviet Union, as well as in Turkey. In he moved to human development Sector Director position in the Middle East and North Africa Region, and in to an equivalent position in the South Asia Region. Mr. Rutkowski studied at the Warsaw School of Economics (Ph.D. in economics, ) and the London School of Economics (post-graduate studies). Before joining the World Bank in , he was an Associate Professor teaching Economics and doing research work in Labor Economics, Comparative Economics, and Macroeconomics in the Institute for Economic Policy of the Warsaw School of Economics ().
Panellists .
Anatoly Artamonov , Governor of Kaluga Region
Eckhard Cordes , Chairman, Committee on Eastern European Economic Relations
Sergei Morozov , Governor of Ulyan