Michael Otto Net Worth & Biography
|Popular Name:||Michael Otto|
|Real Name:||Michael Otto|
|Birth Date:||12 April 1943|
|Birth Place:||Chełmno (Kulm), Reichsgau Danzig-West Prussia|
|Profession:||Businessman, Entrepreneur, Investor|
|Net Worth:||$16 Billion|
Michael Otto is one of the most accomplished German entrepreneurs of our time. At the age of 28, after completing his university education, he started his career in 1971 by joining his father’s company as a Member of the Executive Board of Merchandise Textile Division. A decade later, he took over the post of Chairmanship of the Executive Board from the then manager, Günther Nawrath. From the very beginning of his engrossment at the company, Michael Otto focused on both the principle of sustainable business activity and a far-reaching diversification strategy for the evolving company. Under his leadership many more companies were founded, rival businesses were taken over, new market segments were entered and diverse commitments in America, Europe, and Asia were realized. Otto was one of the first retail companies in Germany to develop e-commerce alongside its index business and its over-the-counter merchandising back in the middle of the 1990s. This identifies the Otto Group as a pioneer in the multichannel strategy that is now employed by numerous competitors today. Until he took over as the Supervisory Board’s Chairman in 2007, Michael consistently advanced the former Otto Versand Hamburg into an internationally active retail and services group with more than 50,000 employees in thirty major company groups, which carries out diverse business activities in more than 30 countries in Asia, North and South America, and Europe. The Otto Group’s activities cover the three business sectors Multichannel Retail, Financial Services, and Service. In March 2014 Michael Otto transferred the majority of his shares in Otto (GmbH & Co KG) to the Michael Otto Foundation, a charity foundation under German civil law, to make certain that the global retail and service group remains a family company based in Hamburg for future generations. The profits from the Otto Group are to be used to promote the Foundation’s stated purpose of supporting environmental, cultural, social, and charitable goals. The life and success story of this billionaire businessman is indeed a remarkable one. The remainder of this article has all the details. Read on for more.
Early Life: Childhood, Education
Now 78 years of age, Michael Otto was born on 12 April 1943, in Chełmno (Kulm), Reichsgau Danzig-West Prussia.
He studied at the University of Hamburg and also at the University of Munich from which he bagged his doctorate degree.
Professional Life: Business Career
Prof Michael’s life as a professional has been a very interesting one filled with thrills and numerous accomplishments. After graduating from the university at the age of 28, he moved on to make the bold step that would shape his life forever by joining his father’s company in 1971. From 1981 to 2007, he served as the chief executive officer and Chairman of the Executive Board of Otto Group. Since 2007 he has been the Chairman of the Supervisory Board of the successful Hamburg-based retail and services group, Otto (GmbH & Co KG).
Founded in Germany in 1949, the Otto Group, at the present time, is a globally active retail and services group that has over 50,000 employees in 30 company groups and does business in more than 30 countries in Asia, Europe, and North and South America. This company is considered one of the world’s biggest online retailers.
As a genuine family businessman and entrepreneur, Michael Otto declared protecting the environment and working diligently while acting in a socially responsible way in business as an essential part of his corporate strategy starting from the 1980s. He is founder and initiator of many well-known and ground-breaking business initiatives that started in German, including the Environmental Foundation Michael Otto, the Aid by Trade Foundation (AbtF) which is the funding organization of the Cotton made in Africa initiative, and the Foundation 2° – German Business Leaders for Climate Protection. To also mention, Michael is an Honorary Member of the World Future Council, the Honorary Chairman of the Foundation Board of the Environmental Foundation WWF Germany, and the Chairman of the Board of Trustees of the Werner Otto Foundation for Medical Research.
Personal Life: Wife, Children, Personal Interests
Dr. Michael Otto is a happily married man. As of this writing, the German businessman resides with his wife and their two children in their comfy home situated in Hamburg, Germany.
A doctorate degree holder, Michael likes to read and research. He pays attention to his businesses the most but also spares some time to learn and discover new things.
Michael Otto Net Worth: Salary, Income Sources, Assets
This German business tycoon has been active in the business industry for the past 40 years. He is known world-over as a German businessman who has been at the helm of leadership at the German conglomerate, Otto Group, which is renowned as the world’s most successful mail order company.
Michael Otto’s net worth, as of the time of this writing, is estimated at $16 billion and has all been drawn from the successful Otto Company which also holds the second-largest position for online retailers, only behind Amazon.com.
Prof Dr. Michael Otto’s professional life is marked by far-sightedness, innovativeness, and a sense of proportion and responsibility. His social activity is infused with ideas of partnerships and appreciation for the performance of others. Equal opportunity and helping people to sustain themselves are what distinguish the activities of this benefactor, and curiosity and an infallible eye for the essential are the things that Michael Otto stands for as a person.