Shortly before his 80th birthday, Hamburg honorary citizen Michael Otto sees his future in his company. With a view to the handover to his son Benjamin Otto, the Chairman of the Otto Group’s Supervisory Board told the “Spiegel”: “It will be a smooth transition in the coming years.” He and his son are in the best possible coordination. As a creative partner, Benjamin has already been involved in many topics and will also be more involved in the group of companies. “We want to be pragmatic about it. It has to work for both of us, but above all for my son.”
Michael Otto celebrates his 80th birthday on Wednesday. Around 300 guests from business, politics and culture are expected at the celebration on Saturday, including Chancellor Olaf Scholz (SPD), former Federal President Horst Köhler and ex-Bahn boss Rüdiger Grube. Otto was the CEO for 26 years. He has been the head of the supervisory board since 2007.
According to Otto, the fact that the Otto Group is now experiencing serious crises in one place or another after record years during the corona pandemic – Mytoys is being discontinued, the share price at About You has collapsed – has no influence on the handover. That didn’t play a role in the scheduling, said Otto. “But, yes, of course I want to hand over the company in the best possible phase.”
There is obviously hardly any trouble with the Ottos, as there is in other large entrepreneurial families. He and his son discussed many topics and had a high level of agreement, for example on sustainability or digitization, said Otto. “If we have different opinions, then we test it and see which way is right. You usually don’t know that beforehand.”
Michael Otto does not see that his son could one day sell or donate everything. He is enthusiastic about the business model. “In addition, I gave the majority of the shares to a foundation in consultation with my children.” This is how Otto will remain as a group of companies, “and future generations will continue to accompany them through the foundation board”. (dpa)
