Michael Herz (businessman)
Michael Herz | |
|---|---|
| Born | September 28, 1943 Germany |
| Occupation | Entrepreneur |
| Years active | 1965–present |
| Known for | Co-proprietor of Tchibo |
Michael Herz (born on September 28, 1943) is a German entrepreneur and co-proprietor of the German coffee retail and café chain Tchibo.
Family business
Following the passing of his father, Max Herz, in 1965—who had established Tchibo in 1949 alongside Carl Tchilinghiryan—Michael Herz took on the role of head of sales at Tchibo.
The company remains entirely family-owned. In 2003, Michael, together with his mother and brother Wolfgang, acquired the shares of his other siblings, Günter Herz and Daniela Herz-Schnoekel.
In 2007, the name of the Tchibo holding entity was changed from Tchibo Holding AG to Maxingvest AG.
As reported by Forbes, as of July 2015, Herz held the 360th position worldwide with a net worth estimated at $4.3 billion. He was ranked as Germany’s 21st wealthiest individual and was listed among the top ten in 2003.
Herz broadened his business interests by purchasing and reorganizing the book wholesaler Libri as well as the florist company Blume 2000. Additionally, he significantly contributed to averting the division of Beiersdorf AG. Nonetheless, his involvement with the luxury fashion label Escada culminated in bankruptcy.
Personal life
He is married and lives in Hamburg. In 2008, his brother Joachim tragically died in a motorboat accident.