Retail Powerhouse Acquires Bigger Stake in Biretco

BREDA, The Netherlands – With the resignation of CEO Ron Te Riele, retail powerhouse Jan Zeeman, owner of more than 1,000 discounts textile shops in Holland and Germany, acquired a bigger stake in Biretco.

The holding company of Jan Zeeman owns now a big majority of the shares in Holland’s biggest retail organization that caters for 756 shops in Holland, Belgium and Germany. 
Jan Zeeman was able to get the bigger share in Biretco by buying the shares owned by Ron Te Riele. With his resignation he made use of his stock-option arrangement as was agreed upon in July 2004 when Euretco sold its bike business unit to Te Riele, Biretco’s Chief Financial Officer (CFO) Erik De Geus and private investor Jan Zeeman.

After last weeks announcement of his resignation, Te Riele explained that at that time it was agreed that when targets were met, he could enforce his right to obtain 33% of the shares in Biretco; with the MBO in July 2004, he obtained 13% of the shares. On the Bike Europe website it is mistakenly reported that he got 16.5% of the shares in 2004.

The 33% of the shares Te Riele bought after making use of his stock-option arrangement, he sold to Jan Zeeman who now holds a big 70 to 80% majority of the shares in  Biretco.
About his resignation, Ron Te Riele commented on the report on this website that it had nothing to do with any conflict. He said: “My resignation had nothing to do with internal conflicts."

"I left Biretco because it has always been my goal to stop at 50. The stock-option arrangement as agreed upon in July 2004 made it possible to do just that. I am now 51, my job is done at Biretco where I have been for the past 12.5 years which were hard years. With my shares sold, I am now financially independent what makes it possible to stop. I didn’t have any conflict with CFO Erik De Geus. The shareholders and the supervisory board even urged me to stay on board.”

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