GSW faces 'difficult' hunt for new boss

Berlin-based residential portfolio manager GSW Immobilien faces a 'difficult' hunt for a new CEO following a dramatic shareholder revolt last month that resulted in the dismissal of Bernd Kottmann.

Kottmann, who joined from IVG, stepped down just two months into the job after shareholders passed a no-confidence motion against him on 18 June.

At the company meeting, almost 70% of shareholders also voted to dismiss GSW supervisory board chairman Eckart John von Freyend.

Von Freyend had previously worked alongside Kottmann at IVG and shareholders were not convinced by his assurances that the appointment process he led was done in a transparent manner.

Von Freyend is to give up his position at end-July.

GSW’s supervisory board will now appoint an independent legal adviser to investigate Kottmann’s hiring, the company said in a statement.

GSW declined to comment on who could succeed Kottmann and Von Freyend, saying only that ‘everything is open at the moment’.

The firm will look at both internal and external candidates. However, according to one analyst who asked not to be named, it will be difficult to find suitable successors: ‘They are looking for people with considerable experience of the residential market in Berlin. It’s not easy – it will take time,’ he said.

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