S&P Global Market Intelligence presents a weekly rundown of recent significant management and board changes and personnel moves in the European real estate industry. The moves are listed by sector and by announcement date in reverse chronological order. The Asia-Pacific and North America Hires and Fires columns are published Tuesday and Thursday.
Germany
* Vonovia SE CFO Stefan Kirsten will resign from the post at the close of the company's May 9 annual general meeting, passing the baton to board member Helene von Roeder, who will assume all of Kirsten's responsibilities on the management board and become CFO in mid-2018. With von Roeder's takeover, Vonovia will recombine the controlling and finance areas of the management board, which were split under Kirsten's leadership as a result of the company's acquisition of GAGFAH SA in 2015.
Separately, the multifamily-focused real estate company appointed Jürgen Fitschen chairman of the board, with immediate effect, in addition to which he will succeed Edgar Ernst as supervisory board chairman May 9.
* Fair Value REIT-AG bid farewell to CFO Patrick Kaiser on Feb. 28, ahead of his scheduled departure on April 30. The diversified real estate investment trust's supervisory board named Stefan Herb as his replacement and installed Herb as an additional member of the management board, effective March 1. Since October 2017, Herb has served as head of corporate management/treasury at DEMIRE Deutsche Mittelstand Real Estate AG, which acquired Fair Value in December 2015.
* TLG IMMOBILIEN AG said board members Elisabeth Stheeman and Frank Masuhr stepped down, effective late January. Stefan Kowski assumed Stheeman's mantle from Feb. 21 until the company's next general meeting.
At its unit WCM Beteiligungs- und Grundbesitz-AG, which the diversified real estate company acquired in 2017, Chairman Michael Zahn relinquished his duties. Helmut Ullrich succeeded Zahn, while Masuhr was designated the subsidiary's board member and vice chairman.
Netherlands
* The five-year tenure of HB Reavis Group Chief Executive Pavel Trenka came to a close, following which his duties were handed over to group CFO and board member Marian Herman. Additionally, the real estate developer appointed Radim Rimanek to the newly created role of deputy chief executive, while Trenka, who joined HB Reavis in 2007, was named a nonexecutive director of the board.
* Griffin Premium RE said its nonexecutive directors Maciej Dyjas and Nebil Senman plan to vacate their seats on the board. The office-focused real estate investment trust added that it nominated Growthpoint Properties Ltd. CEO Norbert Sasse and head of corporate strategy George Muchanya to its board.
UK
* Landsec Chairman Alison Carnwath will retire in 2018, following a nine-year stint. Carnwath, who joined as a nonexecutive director in September 2004, will retain her position until a new chairman is appointed.
Poland
* Orbis SA bid farewell to its supervisory board member Jean-Jacques Dessors, who submitted his resignation letter March 2.
Italy
* Prelios SpA nonexecutive director and board chairman Giorgio Bruno exited the company, alongside two other directors, Valeria Leone and Davide Mereghetti, effective March 2. The resignations were tendered on the day prior to the last payment date of Lavaredo SpA's 11.6-euro-cent-per-share mandatory offer for 605,083,779 ordinary Prelios shares. The outgoing directors are part of Pirelli Group and UniCredit, which sold their entire shareholdings in the Italian real estate developer and manager.
Fabio Sangiovanni, the sole director of the new shareholder, is joining Prelios as a nonexecutive director, while Federico Lovadina will serve as a nonexecutive and independent director.
The company also designated nonexecutive director Fabrizio Palenzona to replace Bruno as chairman and nominated Director General Riccardo Serrini as an executive director. Independent director Rosa Cipriotti will take on Mereghetti's membership on the company's remuneration committee.
Switzerland
* Swiss Prime Site AG's board plans to elect Barbara Frei-Spreiter and Thomas Studhalter as new board members at its annual general meeting slated for March 27.
Egypt
* Shehab Mazhar resigned as Palm Hills Developments Co. (SAE) board member and head of engineering after 20 years with the company. Mazhar is a founding partner of the real estate developer.
