FdR boss takes helm at Beni Stabili as veteran CEO resigns

Christophe Kullmann, CEO of Foncière des Régions (FdR), is taking the helm of the French REIT's listed Italian subsidiary, Beni Stabili.

The move follows the resignation of Beni Stabili's veteran CEO Aldo Mazzocco in the midst of a strategic refocusing at the Italian real estate investment business.

Mazzocco stepped down this week after 15 years as CEO of Beni Stabili which manages some €4 bn of real estate in Italy. He has also resigned from the Italian REIT's board and from his position as deputy general manager at FdR.

His employment contract with B.S. 7, a subsidiary of Beni Stabili, will terminate by mutual consent effective on 31 March 2016.

Under a settlement agreement Mazzocco will receive €2 mln as payment for his early exit and €270,000 as a loyalty and performance bonus. He will also retain his rights to receive free shares in FdR by virtue of the position he held within the French group.

Beni Stabili thanked him for 'his commitment and for the results achieved during his time at the company' and said Kullmann is replacing him 'in order to drive this new momentum'. Kullmann will combine the new role with his position as CEO of FdR.

Beni Stabili launched restructuring initiatives in 2015. The key planks of the new strategy are focusing on new investments in offices and in Milan, continuing to develop new assets, while gradually reducing exposure to Telecom Italia properties and disposing of non-core assets.

'We have all the expertise required to make Beni Stabili a key player in the Italian real estate market’s recovery. This is a new step and steadfast ambition for the company,' Kullmann said.

FdR manages €17 bn of real estate across France, Germany and Italy.