Anton Scherrer will succeed Peter Everts as chief executive of Switzerland's biggest retail group, Migros. The Orange Giant's board approved the 59-year old's appointment on Thursday.
Everts, who had announced his resignation in April, said at the time he wanted to clear the way for his successor to continue restructuring the group. Everts has been in charge of the retail giant since 1997.
During Everts tenure, the group's image has undergone a major change and sales revenue has increased by 20 per cent.
Major milestones included the purchase of the upmarket Globus group and the development of Migros' banking activities.
Anton Scherrer has been a member of the Migros board for ten years, and vice president for the past six years, responsible for the group's industrial and logistics department.
swissinfo with agencies