GSW faces call to revoke new chief executive's contract

Shareholder PGGM is demanding that German listed residential property company GSW fire its recently appointed CEO Bernd Kottmann (pictured).

The Dutch pension fund asset manager is to submit a motion of no confidence in Kottmann at the shareholders' meeting scheduled for 18 June 2013.

PGGM wants an independent selection committee to re-open the search for a new CEO. PGGM will also call on shareholders to remove Eckart John von Freyend, chairman of GSW's supervisory board, which led the selection process.

In a statement, PGGM said it believed the appointment of Kottmann announced on 18 March this year was not done in a transparent way. Kottmann came from IVG Immobilien, the largest German listed real estate company, to replace Thomas Zinnoecker in mid-April. Zinnoecker left to head Gagfah, the largest residential property owner in Germany.

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