Michael Schmidt-Ruthenbeck
Michael Schmidt-Ruthenbeck | |
|---|---|
| Born | 1942 |
| Nationality | German |
| Occupation | Entrepreneur |
| Known for | Co-owner of Metro AG |
| Relatives | Rainer Schmidt-Ruthenbeck (brother), Viola Schmidt-Ruthenbeck (sister) |
Michael Schmidt-Ruthenbeck (born 1942) is a German billionaire entrepreneur who, together with his brother Rainer Schmidt-Ruthenbeck, holds a 16% ownership stake in the retail corporation Metro AG.
Early life
He is the offspring of Wilhelm and Vera Schmidt-Ruthenbeck. His brothers and sisters include Rainer and Viola Schmidt-Ruthenbeck.
Career
During the 1990s, the family founded several philanthropic organizations, including the Stiftung Mercator, Mercator Schweiz, and the Karl Schmidt Family Foundation.
In February 2006, Michael dismissed Reiner from his position as managing director at Metro AG. Later that same year, their family’s holding company decreased its Metro AG shareholding from 18.54% down to 13.15%.
By August 2007, the Haniel family, together with the Schmidt-Ruthenbeck holding, expanded their Metro AG capital investment, achieving majority ownership and effectively marginalizing Otto Beisheim.
In 2008, investigations by the Competition Bureau targeted Metro AG and the Schmidt-Ruthenbeck family concerning a possible merger with Franz Haniel & Cie., though no formal proceedings followed.
As of September 2011, Haniel possessed 34% of Metro AG shares while the Schmidt-Ruthenbeck family maintained a 16% stake. CEO Eckhard Cordes encountered uncertainty amid shifting shareholder alliances.
On the Forbes billionaires list in 2016, Michael and Rainer were ranked number 722 with an estimated net worth of US$2.4 billion.
By 2019, Michael’s family controlled Cambiata Schweiz, a Swiss-based family office.
In 2020, control over Schmidt-Ruthenbeck’s Metro AG shares was exercised through the Meridian Foundation. The family became involved in a boardroom struggle with Czech investor Daniel Kretinsky, who held close to 30% of shares; meanwhile, the Beisheim Group remained another key shareholder.
In October 2022, Michael made an investment in a solar photovoltaic plant, drawing attention as a billionaire committed to climate initiatives.
Personal life
His residence is located in Duisburg, Germany.