Michael Schmidt-Ruthenbeck Explained

Michael Schmidt-Ruthenbeck
Nationality:German
Occupation:16% owner, Metro AG
Relatives:Rainer Schmidt-Ruthenbeck (brother)

Michael Schmidt-Ruthenbeck (born 1942) 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 1990s his family founded the Stiftung Mercator,[1] the Mercator Schweiz and the Karl Schmidt Family Foundation.[2]

In February 2006 Michael ousted Reiner from the managing director position at Metro AG. Sometime in 2006 (likely September) the family holding company sold its share of Metro AG from 18.54% to 13.15%.[3]

In August 2007 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.[4]

Schmidt-Ruthenbeck and Metro AG were investigated by the Competition Bureau in 2008 for some reason of concentration (probably some sort of merger with Franz Haniel & Cie.) but the Bureau decided not to proceed.[5]

In September 2011, Haniel owned 34 percent of Metro AG; the Schmidt-Ruthenbeck family owned 16%. CEO Eckhard Cordes feared for his job.[6]

On the Forbes 2016 list of the world's billionaires, he and his brother were ranked #722 with a net worth of US$2.4 billion.[7]

In 2019 it was reported that Cambiata Schweiz was owned by Michael Schmidt-Ruthenbeck and his family.[8]

In 2020 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 29.99% of the shares. Another significant holding was that of the Beisheim Group.[9]

In October 2022 the Schmidt-Ruthenbeck family was the object of a curiosity seeker. Apparently Michael had invested in a solar PV plant.[10]

Personal life

He lives in Duisburg, Germany.

Notes and References

  1. News: GUIDING VISION . 8 April 2023 . Stiftung Mercator.
  2. News: Michael & Reiner Schmidt-Ruthenbeck . 8 April 2023 . Forbes Media LLC.
  3. News: manager magazin Online: Familienkrach im Gesellschafterkreis der Metro AG . SPIEGEL-Verlag Rudolf Augstein GmbH & Co. KG . 8 September 2006.
  4. News: Der Coup der Haniels . Frankfurter Allgemeine Zeitung GmbH . 20 September 2007.
  5. News: Non-opposition to a notified concentration (Case COMP/M.4920 — Haniel/Schmidt-Ruthenbeck/Metro) . Document 32008M4920 . Eur-Lex . 15 January 2009.
  6. News: Schmidt-Ruthenbeck family backs Metro CEO -magazine . Reuters . 18 September 2011.
  7. Web site: The World's Billionaires (2016 ranking): #722 Michael & Reiner Schmidt-Ruthenbeck . 1 March 2016 . . 2 January 2017.
  8. News: The Swiss-based family office of one of Europe’s wealthiest families . Family Capital . 13 March 2019.
  9. News: Storbeck . Olaf . Metro’s family shareholders lift stake as Kretinsky circles . THE FINANCIAL TIMES LTD . 21 January 2020.
  10. News: Banje . Sonja . Der rätselhafte Klimamilliardär . manager-Gruppe . 7 October 2022.