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Redefine calls for detained Echo Polska director's exit; MERLIN director resigns

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.

The Netherlands

* Echo Polska Properties NV nonexecutive director Przemyslaw Krych was detained by the Central Anti-Corruption Bureau of Poland. Although the bureau's investigation relates to him in a personal capacity, Redefine Properties Ltd., holder of a 39.6% interest in Echo Polska as at Nov. 24, called for Krych's resignation from the board.

According to a release, Krych was not involved in the daily activities of Echo Polska, and nonexecutive directors Andrew Konig and Marc Wainer vouched that the company was not party to any transactions that were in transgression of the law.

* Also affirming its lack of involvement is Griffin Premium RE NV, from whose board Krych resigned as nonexecutive board chairman following the investigations of the bureau and the Prosecutor's Office against him and others. Griffin Premium said no other board member or employee is subject to the investigations, and charges against Krych do not relate to assets owned or to be acquired by the company.


* José Ferrís Monera relinquished his directorial role at MERLIN Properties SOCIMI SA Dec. 22. Monera stepped down after MERLIN shareholder Banco Bilbao Vizcaya Argentaria SA, which proposed his appointment, reduced its stake in the company.


* Adler Real Estate AG named Tomas de Vargas Machuca and Maximilian Rienecker as co-CEOs in place of Arndt Krienen, who was relieved of his CEO duties and as a member of the management board until further notice. Machuca is positioned as CFO and chairman of the executive committee since 2013, while Rienecker was designated head of corporate finance and strategy in February.

South Africa

* Dipula Income Fund Ltd. director Saul Gumede, who joined the board in August 2011, retired Dec. 22. He was a member of the investment and social and ethics committees and retired following the successful implementation of the internalization of the company's asset management function.