Ill-fated chief executive leaves after less than a year as group prepares to announce big losses
KarstadtQuelle chief executive Christoph Achenbach has stepped down after less than a year at the helm of the troubled department store group.

Achenbach was drafted in last June and put in motion a comprehensive restructuring process in an attempt to turn around the group's fortunes. However, he stepped down under pressure from the supervisory board, which felt the necessary changes were not happening swiftly enough.

He has been replaced on an interim basis by chief financial officer Harald Pinger. The company is expected to report a E1.4 billion (£962.7 million) loss for last year and will announce fourth-quarter results on April 12.