GERMANY - German real estate company IVG will have to look for a new chief executive as Wolfhard Leichnitz is leaving the company at the end of September.
Leichnitz (pictured) took over management of the company in 2006, replacing retiring Eckart John von Freyend, but is now leaving "for personal reasons", according to IVG.
IVG - which has €20bn in assets under management - said "until the appointment of a successor, the functions within the area of responsibility of Wolfhard Leichnitz will be performed by the board members Bernd Kottmann, deputy chairman of the board of management and chief finance officer, Andreas Barth, board member in charge of the development and Caverns divisions and Georg Reul, board member in charge of the investment and funds divisions".
"IVG's supervisory board is convinced that the experienced team on the IVG's board of management will continue to enhance the company's strengths and further increase its acceptance in the capital market," said Detlef Bierbaum, chairman of the company's
Elsewhere, the real estate arm of private bank Metzler has announced its CEO Sabine Vlieghe (pictured, right) will leave the company at the end of this week.
Metzler noted Vlieghe will leave "for a new task with an internationally more-diversified background".
A spokesman for Metzler Real Estate confirmed Vlieghe's task will be taken on by the other members of the management team.