Metro AG’s Nazi billionaire co-founder dead at 89
Otto Beisheim, the billionaire co-founder of retail group Metro AG, was found dead Monday at his home in Bavaria, according to published reports.
The 89-year-old Beisheim, who helped introduce Germans to the American “cash and carry” concept employed at warehouse-style stores, reportedly committed suicide after being diagnosed with an incurable illness.
Beisheim held a 10% stake in Metro, Germany’s largest retailer. Its operations include the Kaufhof department stores.
The group issued a profit warning in 2012, drawing downgrades to its credit ratings and losing its place in the Dax index of leading German shares, according to Reuters.
Metro shares trimmed Monday gains to end up 0.5% at 24.32 euros in Frankfort.
Beisheim’s death was initially reported by the German tabloid Bild Zeitung.
Otto Beisheim (3 January 1924 – 18 February 2013) was a German businessman and founder of Metro AG.
In 2010, his net worth was estimated at US$3.6 billion.
During World War II Beisheim served in the 1st SS Division Leibstandarte SS Adolf Hitler.
The WHU-Otto Beisheim School of Management, in Koblenz is named after him.
According to Forbes, he was the 344th richest person in the world and the 22nd wealthiest person in Germany.
Metro AG is a German global diversified retail and wholesale/cash and carry group based in Düsseldorf, Germany. It has the largest market share in its home market, and is one of the most globalised retail and wholesale corporations. It is the fifth-largest retailer in the world measured by revenues (after Wal-Mart, Carrefour, Tesco, and Kroger). In English it often refers to itself as Metro Group. It was established in 1964 by Otto Beisheim.
being a nazi was very profitable..even after the war..he obviously missed the boat to the USA with the other “paperclips”..but still did well for himself..
“fifth-largest retailer in the world measured by revenues” founded by a nazi..yep..