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Adler CEO to step down

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Adler CEO to step down

Adler RealEstate AG said March 30 that it appointed to be its new CEO andSven-Christian Frank its COO, effective June 9.

The appointments come as current CEO decided to step down fromthe company's management board for personal reasons, upon close of the company'sordinary general shareholders' meeting to be held June 9.

Tomas de Vargas Machuca will be the CFO within the company'sexecutive committee.

The board changes are taking place amid investigations intoAdler's rumored advances for a takeover of conwert Immobilien Invest SE. The Austrian TakeoverCommission is conductinga probe into the matter to determine if Adler and other shareholders areworking together to take over conwert. If such dealings are found, and if thecompanies' combined holdings in conwert total more than 30%, they will berequired to launch a mandatory full takeover bid. However, Adler has repeatedlydenied allegations ofa takeover.

Meanwhile, conwert recently Adler's chairman of thesupervisory board, Dirk Hoffman, to its administrative board. Also, Adlersubsidiary MountainPeak Trading Ltd. withdrew its proposal of replacing threeconwert board members and reducing the number of administrative board membersto four from five.

Conwert and Adler have once again to commence talks on jointproperty management, according to conwert CEO Wolfgang Beck, as reportedrecently.