Wolfgang Herz Success Story
Wolfgang Herz was born to Max and Ingebug Herz in 1950, in Germany. Max Herz along with Carl Tchilinghiryan founded Tchibo - a German chain of coffee retailers and cafe also known for including a variety of other products. After the passing away of Max Herz, Tchibo is now owned by his wife Ingebug, and two of their sons Michael and Wolfgang. Wolfgang Herz holds about 34% stake amounting to $5.7 billion. As of January 2015, according to Forbes, Wolfgang Herz’s net worth is $4.1 billion.
Not much is known about Wolfgang Herz’s childhood and early career. His fortune was passed down from his father. Thus Wolfgang and his brother Michael made it their responsibility to keep their father’s company prestigious.
Wolfgang Herz serves as a member of the management board of Participia Holding GmbH, Norderstedt Wolfgang Herz, and has been a Member of Supervisory Board at Maxingvest AG (formerly TCHIBO Holding AG) since December 21, 2001. He also served as a Member of Supervisory Board at Escada AG and a Member of Advisory Board at Deutsche Apotheker-und Aerztebank eGmbH.
Wolfgang Herz knows what it takes to be a good leader, and it’s his far-sightedness that took him to the decision of including Tchibo as merchandise for not only coffee but also other products such as: clothing, household items, electronic and electrical appliances. It has also expanded to services such as travel, insurance, and mobile phone contracts.
The main reason for this is the gradually decreasing turnover from the coffee sector. It’s Wolfgang Herz and his brother’s conviction and determination to keep Tchibo profitable which made them reach out to other sectors. Herz also derives his income from Beiserdorf AG –a listed skin care company under which the brand named Nivea is included. The revenues earned from Maxinvest ag (Tchibo) and Beiserdorf is $3.9 billion dollars and $7 billion dollars respectively.
There is a strong bond between the family members of Wolfgang Herz. This is proved in the instance of 2008 when a mutual agreement was arrived at regarding clearing the path for all major holdings. In 2009 there was reorganizing in the holding structure, and this change ensured that the family reconfirmed their responsibilities as the owner of Tchibo.
This also ensured the basis for succession of Tchibo into the third generation of Herz. Wolfgang Herz currently lives in Hamburg. He has three other siblings other than Michael, among which Joachim Herz died in an accident. His three brothers and sisters are all involved in managing the company and they all own a part of Tchibo. There is no information regarding his marital status.
He currently holds the position of 21st Richest Man in Germany according to Forbes, 2015.