The idea of no longer selling shoes in stores, but sending a catalog to customers' homes, had something revolutionary about it in 1949. Werner Otto (1909 to 2011) created a fortune worth billions with his new business model called mail order, which his son Michael Otto (80) successfully increased as CEO of the Otto Group. In manager magazin's current list of rich Germans, the family ranks tenth with 13.7 billion in assets.
Under pressure from Amazon founder Jeff Bezos (59), the Ottos now have to restructure their business model considerably. Michael Otto's son Benjamin Otto (48) is to take over this major task in the future. But after a long period of hesitation, he decided to take a different path than his father – instead of being in the front row as CEO, he prefers to work in the second. This decision did not disappoint him, says Michael Otto in the manager magazin podcast "The richest Germans". His son wants to work strategically from the Supervisory Board: "He says that others can do the operational things better. I don't have to do that. He's seen exactly where his strengths are."
So when will Michael Otto step down as Chairman of the Supervisory Board? How does his company plan to stand up to Amazon? Simone Salden, deputy editor-in-chief of manager magazin, talks to Michael Otto about this – and also about the image Germans have of the country's billionaires.
"There is often the impression in the public perception that the rich – I want to exaggerate it – have a swimming pool like Scrooge Duck where the ducats are in it, where they take their bath in the morning," says Otto. People don't know "that the assets are in companies, but they are important for our prosperity, for jobs." One reason for this is that billionaires are hardly visible to society. "Ihope and wish that more entrepreneurs will speak out publicly.
"In five special episodes of our podcast "Das Thema", manager magazin takes you on a journey in the footsteps of the super-rich. Editor-in-chief Simone Salden and editor Christoph Neßhöver explain where the assets come from – and where they are going.
If you are a subscriber to manager magazin, you can listen to all episodes here.
If you are not yet a subscriber, you can find the other episodes on Tuesdays and Fridays on Spotify, Apple, Deezer and Google. Or you can take out a discounted subscription here.
Manager Magazine Plus
Read on now. With the right manager subscription.
Try one month for € 0.99. Can be cancelled at any time.
Manager Plus
*thereafter € 19.99 / month
€ 0,99*
*thereafter € 19.99 / month
Expand manager plus area
Your benefits:
- manager magazin+ and Harvard Business manager+ in one package
- All m+ and HBm+ content on the manager-magazin.de page and in the manager Messages app
- The content of the printed magazines incl. e-paper (PDF)
Try it now for € 0.99
Manager Magazine Plus
*thereafter € 8.99 / month
€ 0,99*
*thereafter € 8.99 / month
Expand manager magazin plus section
Your benefits:
- All m+ content on the manager-magazin.de page and in the manager Messages app
- m+ newsletter with special reading recommendations
- The content of the printed magazine incl. e-paper (PDF)
Try it now for € 0.99
Are you already a digital subscriber? Enroll Here
Read more with manager+
Always Ahead of the Curve
Your advantages with manager+
Manager Magazine+
in the app
Harvard Business manager+
in the app
Read manager magazin and Harvard Business manager
as an e-paper in the app
All articles in the manager app
for only € 24.99 per month
Buy Now
Already have a digital subscription? Enroll Here
Restore iTunes subscription
manager+ is handled through your iTunes account and paid for with confirmation of purchase. 24 hours before expiration, the subscription is automatically renewed for one month at the current price of €24.99. You can cancel your subscription at any time in your iTunes account settings. To use manager+ outside of this app, you must link the subscription to a manager ID account immediately after purchase. By purchasing, you accept our Terms and Conditions and Privacy Policy.