Jacques Ehrmann has resigned as chairman and CEO of French retail REIT Mercialys after seven years at the helm of the group.
Jacques Ehrmann has resigned as chairman and CEO of French retail REIT Mercialys after seven years at the helm of the group.
The board of directors has appointed, both on an interim basis, Géry Robert-Ambroix, previously Chief Operating Officer, as Chief Executive Officer and Michel Savart, member of the Board of Directors, as Chairman of the Board. Meanwhile, the company has started a process to select the new chairman and CEO.
Ehrmann will remain associated with Mercialys as an external advisor.
His resignation comes at a moment of transition for the listed retail property specialist. Earlier this year, Mercialys announced plans to sell off EUR 500 mln of assets and to distribute EUR 1.25 bn in one-off dividends in 2012 as part of a new strategic focus on larger, dominant malls.
It also said its majority owner Casino would reduce its shareholding in Mercialys to about 30-40% from just over 50% at present.
