What: German department store chain Galeria announces abrupt leadership change as CEO departs over strategic differences, with responsibilities split between Chief Sales Officer and CFO.

Why it is important: This change reflects the delicate balance between maintaining operational stability and implementing new strategic directions in retail transformation.

Galeria has announced the immediate departure of CEO Olivier van den Bossche, with his responsibilities being divided between Chief Sales Officer Tilo Hellenbock and Chief Financial Officer Christian Sailer. While the exact reasons for the abrupt exit remain unclear, German business magasine WirtschaftsWoche suggests the departure was not voluntary. The company acknowledged van den Bossche's contribution as "crucial to the positive development of the company," despite the sudden nature of his exit. The leadership change comes as Galeria continues to navigate its recovery following the dramatic collapse of its former owner, the Signa Group, and the downfall of businessman René Benko. Sources indicate that strategic disagreements between van den Bossche and the company's new owners, particularly regarding his proposal to increase collaboration with external partners, may have precipitated the departure.

IADS Notes: The departure of Galeria CEO Olivier van den Bossche reflects ongoing challenges in the company's post-bankruptcy transformation. According to Fashion United in August 2024 , Galeria had emerged from its third bankruptcy with new ownership under NRDC and an investment company led by Bernd Beetz, with plans to relocate headquarters and modernise operations. Fashion Network's April 2024 coverage  detailed the closure of 16 stores and reduction of workforce to 11,400 employees, highlighting the scale of restructuring required. Fashion Network's April 2024 analysis  revealed plans to maintain over 70 stores under new ownership, with success dependent on rental agreement renegotiations. Fashion Network's May 2024 report  showed creditor approval for the restructuring plan, including a rebranding initiative dropping the Karstadt and Kaufhof names. Van den Bossche's sudden departure, particularly over disagreements about external partnerships, suggests tensions between different visions for the retailer's future strategy, even as the company implements its approved transformation plan.

Galeria dismisses CEO Olivier van den Bossche