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New CEO to Lead Penny Hungary

Appointments

Mathias Mentrop

Mathias Mentrop is set to take over as the new CEO of Penny Hungary in July, the company tells the Budapest Business Journal.

Mentrop currently serves as chief operating officer of the Penny network in the Czech Republic. He will replace the current CEO in Hungary, Florian Jens Naegele.

Mathias Mentrop joined Rewe Group in 2012 as sales director for Penny Bulgaria with more than 10 years of retail experience. From 2015, he was the sales director of Penny in the Czech Republic, and from 2018, he was the chief operations officer of Penny Czech Republic, where his main responsibilities included sales, construction, and retail chain expansion. He takes over from Naegele as CEO of Penny Hungary on July 1.

Naegele took up the CEO of Hungarian business in 2018, after five years as regional director of Penny Bavaria. Following the change, Jens Krieger, currently CEO of Penny Czech Republic, will continue his career at Rewe Group in Germany.

Florian Jens Naegele

"Running a Hungarian business was one of the biggest opportunities of my career. We had a great team of experts and worked hard to shape Penny in the right direction. I am confident that Penny is on track to further increase its market share in Hungary. We improved the customer experience and choice while offering more opportunities for our Hungarian suppliers,” said Florian Jens Naegele, outgoing CEO of Penny in Hungary.

"Mr. Naegele leaves behind a Hungarian business built on strong foundations, and I am looking forward to continuing the work where he and his team left off. I worked for almost eight years at Penny in the Czech Republic, which belongs to the largest of the Penny networks. During my work there, I gained a lot of experience in the field of improvement and expansion of our stores - and I would like to use this experience in the development of the Hungarian business branch. We couldn't be in a better position, and I feel privileged to be able to take our company forward from here." Mathias Mentrop, Penny's new CEO in Hungary, said about his new duties.

When Florian Jens Naegele took over as CEO of Penny the discount chain had an FMCG market share of 8.1%, 215 stores, and around 3,800 employees. Penny currently has 229 stores, nearly 5,000 employees, and a market share of nearly 10.7% in Hungary.

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