International retailer Hornbach is dedicated to global growth - unveiling leadership transition at the executive level
In an interview with the "Handelsblatt", CEO Albrecht Hornbach of the family-led DIY retail corporation has announced a generational leadership change within the company. Although the official successor has not yet been named, the family is preparing for this transition, which has been in the works for several years.
Albrecht Hornbach emphasised the importance of family leadership in the company, stating that it shapes the culture of Hornbach. Three family members are already in leading positions within the company, and the family intends to continue this tradition in the future corporate top management.
The family values the security of not being dominated by third parties in the future, who might steer the company based on quarterly figures. To this end, Hornbach is implementing Artificial Intelligence (AI) to better connect digital platforms with markets. This move will allow customers to plan projects online and pick up the required parts ready-made in the store.
AI applications are being used in Hornbach's digital configurators for furniture cuts and other projects. The company has also acquired Seniovo, a startup that specialises in barrier-free bathroom renovations, including communication with authorities, to expand its digital service offering.
The family believes there is a great conviction about the importance of family leadership, which has been instrumental in the company's success. Despite this, Hornbach is taking a cautious approach to expansion due to increased costs for plots and construction, as well as dense competition.
Hornbach is shifting its expansion focus to Europe, specifically in countries like Romania. The company plans to open only four new markets by 2025, a significant decrease from the eleven openings in the past. The markets that were already online in 2019 now generate 25 percent more turnover than they did then.
CEO Albrecht Hornbach expressed confidence about the company's performance, stating that Hornbach is confident about its future. His contract will expire next year, and the succession is still open.
The family wants to keep the leadership within its own ranks, believing that family leadership is very important. Hornbach is committed to maintaining this tradition, ensuring a smooth transition and continued success for the company.
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