Swiss Prime Site AG said Chairman Hans Peter Wehrli will not stand for reelection at the company's annual meeting March 24.

Wehrli has been chairman of the board at the listed Swiss real estate company since 2005.

The company will propose to elect Ton Büchner as director and chairman of the board at the meeting.

Büchner is a director and member of the audit and compliance committee of Novartis AG, and is also on the presidential and shareholders committee of Voith GmbH & Co. KGaA.