German listed residential property firm Gagfah has appointed Gerhard Zeiler as new chairman and member of the company's board of directors.
German listed residential property firm Gagfah has appointed Gerhard Zeiler as new chairman and member of the company's board of directors.
Austrian-born Gerhard Zeiler currently serves as president of Turner Broadcasting System International, a Time Warner Company.
Prior to his current position, Zeiler held leading positions within the RTL Group, a European entertainment network, and between 2003 and 2012 was the CEO of RTL Group and Member of the Executive Board of Bertelsmann Group.
In the past few months, Gagfah has taken steps to shift the focus back onto its operating business and to reposition itself as an independent, listed player in the German residential sector. As part of this strategy, the company has announced a €250 mln value-enhancing investment programme and sold a total of 35 million Gagfah shares held by Fortress, effectively reducing their stake from over 60% to about 41%.
'In light of these developments, the board of directors feels that now is the right time to make the change within the board, and reduce the number of Fortress-affiliated board members from three to two,' the company said.
Zeiler will replace Fortress affiliate Jonathan Ashley, who intends to resign from the board on 25 March 2014.