Albrecht, a German, quoted remarks attributed to the former West German president Heinrich Lubke, made during a state visit to Liberia in 1962.
Albrecht claimed he was making a joke about Germans' poor public-speaking skills, but said: "I accept responsibility for my unfortunate comment and the unintended consequences."
Steve Nylund, the president of Metro International's US operation, has also been forced out of his post for using a racist term at a separate dinner in 2003. He remains with the company.