Metro International announced savings on Headquarter cost from €16.8 million in 2010 to €14.0 million in 2011.
The Executive Management team will be reduced by three positions from nine to six. The operational Executive Vice President (EVP) positions of Asia, Northern and Southern Europe will be terminated. The remaining responsibilities will be divided between CEO Per Mikael Jensen and CFO Anders Kronborg.
According to Metro, the company is:
in a different position today compared with a few years ago. Unprofitable operations have been sold, turned into franchisees or Joint Ventures or, in the case of the Spanish operation, closed. Current operations are well positioned for the years ahead. Better performance from the Group has reduced the need of operational support from Headquarters, allowing for a smaller management team. The downsizing of Headquarters can hence continue despite recent investments in the Online and Global Editorial departments.