Former German Chancellor Gerhard Schröder has taken a seat on the supervisory board of Hyperglobus, the Russian subsidiary of German supermarket chain Globus.
Hyperglobus owner Thomas Bruch welcomed Schröder’s joining the company. Bruch said the appointment would contribute to maintaining a dialogue-based approach in Russia. Schröder’s duties will also include supporting the company’s strategic development.
Call to preserve economic ties
Schröder said economic relations with Russia should be preserved and that continued investment in the country’s food sector was important.
The appointment comes at a time when Western retail companies face the risk of their assets in Russia being taken over by the state. Russian President Vladimir Putin has advocated the seizure of certain foreign companies’ assets in Russia as a “symmetrical response” to the European Union’s freezing of Russian state assets.
Putin said the seized assets could be returned to their owners in the future if suitable conditions emerge. Russian authorities have recently assumed control over the Russian operations of Germany’s Metro Cash & Carry, Switzerland’s Nestlé, and France’s Auchan and Leroy Merlin. Leroy Merlin’s name in Russia was changed to Leman Pro.
Schröder’s ties to Russia
Putin had previously proposed Schröder as an EU representative in possible talks between Russia and the European Union. Brussels and Berlin rejected the candidacy.
Schröder is known as someone who has known Putin for a long time. The former German chancellor previously served on the boards of the Russian state energy companies Rosneft and Nord Stream.
Globus’ structure in Russia
Globus changed its structure to continue operating in Russia despite the departure of many Western companies from the country following the Russia-Ukraine War, which began in 2022. The company has 21 hypermarkets across Russia.
Globus Holding announced that it had completely separated its supermarket operations in Russia. The holding company said these businesses were legally and operationally independent.
