Spanish leading property company Metrovacesa said on Monday that Jesus Garcia de Ponga has stepped down as CEO and a member of the management board, with immediate effect. The company did not say if it has launched a search for a successor.
Spanish leading property company Metrovacesa said on Monday that Jesus Garcia de Ponga has stepped down as CEO and a member of the management board, with immediate effect. The company did not say if it has launched a search for a successor.
The resignation of De Ponga comes just a few days before the company's majority shareholders are due to hand over a 55% stake in Metrovacesa to its creditor banks. The Sanahuja family, which has an 81% stake in Metrovacesa, is swapping the stake for about EUR 5 bn of debt it accumulated over the past years. Banks BBVA, Santander, Sabadell, Popular, Banesto and Caja Madrid will each be handed a 9% stake of the company on Friday.
