German billionaire Erivan Karl Haub has retired as chairman of the advisory board of the family owned Tengelmann Group. Haub has long had ties to Pierce County, and his philanthropic efforts include the recently announced donation of a major Western art collection to the Tacoma Art Museum. He is also a generous supporter of LeMay… America’s Car Museum.
Bloomberg News reported Monday that Haub, 80, had been chief executive officer at the grocery and retail firm for 33 years, leaving the post in 2002. Bloomberg reported that Haub “is currently worth at least $4.86 billion.”
Tengelmann, which once held a major stake in the U.S. grocery brand A&P, comprises some 4,000 stores that generate 11 billion euros ($14.6 billion) in annual sales and employs more than 80,000 workers.
Haub’s sons Karl-Erivan and Christian will remain as managing directors at the firm, roles they have held since 2002.
The advisory committee will choose a new chairman at it’s next meeting, Bloomberg reported.
No reason was given for Haub’s retirement from the board.