GERMANY – GSW Immobilien, the German property company at the heart of a shareholder dispute led by Dutch pension provider PGGM, has opted for a power-sharing arrangement, appointing its current chief operating officer as joint chief executive alongside chief financial officer Andreas Segal.

Segal will work alongside Jörg Schwagenscheidt, who has been the company's COO for nearly eight years. Their appointment comes after GSW's chairman of the supervisory board, Eckart John von Freyend, resigned following pressure from shareholders.

A vote of no confidence, led by PGGM, saw former chief executive Bernd Kottman's leadership questioned by 63% of shareholders, resulting in the new co-chief executive structure.

Claus Wisser, chair of the supervisory board, said that a head hunt lasting for several weeks and coordinated by a recruitment agency had culminated in the appointments.

"We came to the conclusion that there could be no better solution than the double leadership structure," he said.

"Mr Schwagenscheidt and Mr Segal have, in the past few years, successfully overseen GSW's listing and built up trust on the stock exchange and among employees," he added.

The announcement comes only days after Deutsche Wohnen announced its intention to acquire GSW in a €1.75bn takeover.