Listed German residential company GSW Immobilien has announced the resignation of both its CEO and supervisory board chairman following pressure from shareholders.
Listed German residential company GSW Immobilien has announced the resignation of both its CEO and supervisory board chairman following pressure from shareholders.
In a statement, the company said that CEO Bernd Kottmann will step down by 15 July 2013 following an agreement with its supervisory board.
Chairman of the firm´s supervisory board Eckart John von Freyend will also relinquish his role at the end of July. Von Freyend announced his decision to resign at an extraordinary meeting held late last week.
The two departures follow a period of turmoil at the company. Earlier this month a general meeting was held where 63% of shareholders backed a motion of no-confidence in CEO Kottmann.
The general meeting also included a separate motion which saw 70% of shareholders back a separate motion calling for the dismissal of Von Freyend.
Dutch pension fund PGGM tabled the motions after raising concerns about how Kottmann was appointed in April.
GSW will now undertake a search for Kottmann´s successor. Until an appointment is made, management board members Jorg Schwagenscheidt and Andreas Segal will run the business on a day-to-day basis.
Von Freyend commented: ‘The welfare of the company is my paramount concern. I am therefore clearing the way for an orderly transition. The supervisory board will immediately seek a new and stable management structure.’
