Jumbo's chief executive Ton van Veen has shed light on the supermarket chain's decision to conclude its long-standing sponsorship of F1 world champion Max Verstappen.
Despite a history of support for Verstappen, Jumbo is parting ways with the three-time world champion and has also pulled the plug on its sponsorship of F1's Dutch Grand Prix at Zandvoort, along with involvement in ice skating and cycling.
This pivot in approach follows the departure of former Jumbo chief executive Frits van Eerd amid money laundering investigations, with Van Veen now at the helm.
Sports sponsorship doesn't 'suit' Jumbo
The decision reflects a reevaluation of resource allocation in the new leadership era at Jumbo, as detailed by Van Veen in an interview with Dutch publication De Volkskrant.
“In recent years, Jumbo has lost its focus somewhat," he said.
“We have added a number of activities that have not necessarily strengthened the formula. We have also become very active in sports sponsorship.
“But when you look at the successes of athletes and teams, you have to ask yourself if that suits us. Max Verstappen is a world champion. But we are a Dutch supermarket company, not even the biggest. On the world stage, we don’t have much business.
“That means we no longer put tens of millions into sports sponsorship, but use it to lower prices. That is the essence of Jumbo as it was meant to be.”
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