Michael Herz (born September 28, 1943)[1] is a German businessman, co-owner of the German coffee shop and retail chain Tchibo.
Michael Herz | |
---|---|
Born | 1943 (age 80–81) |
Nationality | German |
Occupation | Businessman |
Known for | Co-owner, Tchibo |
Title | Member of management board, Maxingvest |
Spouse | Married |
Parent(s) | Max Herz and Ingeburg Herz |
Relatives | Wolfgang Herz (brother) Günter Herz (brother) Daniela Herz-Schnoekel (sister) Joachim Herz (brother, deceased) |
In 1965, after the death of his father Max Herz, who co-founded Tchibo in 1949 with Carl Tchilinghiryan, Herz joined Tchibo as head of sales.[2]
Tchibo is 100% owned by family members. In 2003, along with his mother and brother Wolfgang, he bought out his other brother, Günter Herz, and sister, Daniela Herz-Schnoekel.
In 2007, the Tchibo holding company, changed its name from Tchibo Holding AG to Maxingvest AG.[3]
According to Forbes’ list of global billionaires, Herz is listed at number 360 with a net worth of $4.3 billion as of July 8, 2015. He was the 21st richest man in Germany and in 2003 made the top 10.[4][2]
Michael Herz bought and reorganized the book wholesaler Libri and the florist Blume 2000, and he also prevented the break-up of Beiersdorf AG through his efforts. His investment in Escada turned out to be a failure and ended in bankruptcy.[5][6]
He is married and lives in Hamburg.[1]
In 2008, his brother Joachim died in a motorboat accident.[1]