Following the death of Joachim Herz, a 66-year-old Hamburg businessman and one of the heirs to Germany’s biggest coffee roaster and retailer Tchibo, in a tragic swimming accident in the US in May, a new charitable foundation has been established. With an endowment of more than €1 billion, the Joachim Herz Stiftung will be one of Germany’s ten biggest charitable foundations. Herz, who died childless, appointed in his will that a charitable foundation be set up as his sole beneficiary.