Buwog AG said Deputy CEO and CFO Andreas Segal resigned from the executive board, effective March 26, following majority shareholders' acceptance of the takeover offer from Germany's Vonovia SE.

The Austrian company said its supervisory board and Segal mutually agreed to the departure, which was originally planned for the second quarter.

Buwog CEO Daniel Riedl will take over Segal's responsibilities. Riedl is expected to join Vonovia's management board, while Vitus Eckert, chairman of Buwog's supervisory board, will be a candidate for Vonovia's supervisory board.