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Adler Real Estate CEO relieved of duties

Arndt Krienen is being relieved of his duties as CEO and a member of the management board of Adler Real Estate AG until further notice, the company said Dec. 22.

The company named Tomas de Vargas Machuca and Maximilian Rienecker as co-CEOs. Machuca has been the chairman of the executive committee overseeing the group's capital markets activities and acting as the company's CFO since 2013. Rienecker was named head of corporate finance and strategy in February.

Krienen was named CEO of the company in March 2016 and assumed the role in June 2016.