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A Billionaire Went on a Skiing Expedition. Now, He’s Missing

Rescue workers in the Swiss resort of Zermatt are searching for the co-head of family-owned German retailer Tengelmann Group after the 58-year-old German went missing while on a skiing expedition, local police said.

Karl-Erivan Haub, co-chief executive officer of Muelheim an der Ruhr-based Tengelmann, left on Saturday morning for ski touring and never returned, the Valais cantonal police said. The activity is typically done off-piste, with participants ascending a mountain on foot and then skiing down.

In a letter to Tengelmann’s employees and reprinted in German newspaper Handelsblatt, the executive’s brother and co-CEO, Christian Haub, confirmed his disappearance. He said that while the family wasn’t giving up hope, they were preparing for him being absent for a long time.

“Of course our family is prepared for such a situation, so that business can continue in a smooth and orderly manner,” his message said.

The company’s brands include Kik apparel discounters and OBI do-it-yourself hardware stores. It also owns the Trei real-estate management and development company.