Austria's Conwert starts search for CEO

Austria's Conwert Immobilien Invest plans to strengthen the executive board with the appointment of a CEO following a year-long strategic repositioning of the business.

The move is aimed at freeing up Joahnnes Meran, chairman of the administrative board, from the day-to-day management of the company.

In a statement, the Vienna-listed firm said that it has created a committee consisting of four members from the administrative board to coordinate the CEO search in the coming months, with the appointment expected to be made in the fourth quarter of the year.

Meran said the time to appoint a CEO had come now that the ‘strategic repositioning’ of the company had been concluded.

'Following the completion of our strategic repositioning, it is my goal to now strengthen the executive board with a CEO to enable me to step away from the day-to-day management of conwert in October 2013,' he said.

Under the review, Conwert has shifted its focus to the generation of 'sustainable' earnings through the management of a portfolio of high-yielding residential properties. At the same time, the group has reduced its exposure to trading assets and development projects.

'We will have reached the main milestones by the end of the year and are now looking for a suitable CEO. As I have repeatedly stated in the past I am not available for the CEO position. My aim is to retire from the daily operations of conwert by October 2013,' Meran said.

Conwert currently generates around 80% of its earnings from the long-term management of properties.