The Supervisory Board of METRO AG appointed Philippe Palazzi as Member of the Management Board and Chief Operating Officer of METRO AG with immediate effect, succeeding Pieter Boone who will leave the company by mutual consent. Philippe Palazzi has been a member of the top management circle below the Management Board since July 2015. As Operating Partner, he was responsible for the wholesale subsidiaries in France, Portugal and Spain as well as for global Marketing & Branding and the METRO own brands. In his 20 year career at METRO, Palazzi successfully held several positions in various countries. For instance, he acted successfully as Managing Director of METRO Cash & Carry Italy as well as at METRO in Hungary.