In 2025, the current CEO Alexander Birken (right) will take over the chairmanship of the supervisory board from the outgoing Michael Otto. Birken’s successor is Petra Scharner-Wolff (left). picture alliance/dpa | Christian Charisius
In two steps until 2026 – the Otto Group is preparing for the generational change. Michael Otto hands over responsibility for the family business to the third generation.
Michael’s son Benjamin Otto takes over as chairman of the foundation and company council. The previous CEO Alexander Birken will become chairman of the supervisory board.
Petra Scharner-Wolff, previously Director of Finance and Human Resources, will become the first woman to become CEO.
Generational change at the Hamburg trading giant Otto. After founder Werner Otto, his son Michael (80) shaped the trading group for decades. Now the third generation is about to take over. For the first time, a woman will be at the helm. The family company announced on Monday that the Otto leadership will be changed in two steps and by 2026.
Petra Scharner-Wolff, Director of Finance and Human Resources, will become CEO in 2025
Benjamin Otto (48), son of Michael Otto, is to take over the chairmanship of the foundation and company council on March 1, 2026. The board of trustees represents the Michael Otto Foundation, which is the majority shareholder of the Otto Group. “At the same time, he will take over the chairmanship of the shareholders’ council, from which the strategic goals of the group of companies will be formulated and monitored in the future.”
Read too
Otto boss: “AI will change the world” like electricity once did – the technology is already bringing the mail order company millions in profits every year
A year earlier, the previous CEO Alexander Birken (59) took over the chairmanship of the supervisory board from Michael Otto. Petra Scharner-Wolff (52), previously Director of Finance and Human Resources and with Otto since 1991, replaces Birken as CEO. This marks the first time that a woman has been at the helm of the company, reports the “Manager Magazine„.
This marks the end of an era for Otto. “The period was deliberately chosen to enable a gradual transition in peace and quiet,” the trade group said in a statement. “One of the biggest challenges for family businesses is successful generational change,” says Michael Otto. “I am very confident that Benjamin will not only lead the Otto Group into a good economic future, but will also keep the special values of our family company alive.”
dpa/AA