Serge Grzybowski, CEO and chairman of French REIT Icade who has led the company for the past eight years including its merger with peer Silic, has resigned with immediate effect.

Serge Grzybowski, CEO and chairman of French REIT Icade who has led the company for the past eight years including its merger with peer Silic, has resigned with immediate effect.

Grzybowski, whose term was due to expire at the end of April, said he had decided to hand in his resignation to allow the company to move forward.

The announcement coincided with the publication of Icade's full-year 2014 results, which revealed a net result of €151 mln compared to €127 mln a year earlier. Rental income reached €556 mln in 2014 from €450 mln in 2013.

Icade, which is majority-owned by state-controlled financial group Caisse des Dépôts, has appointed Jean-Paul Faugère as chairman and Nathalie Palladitcheff as CEO on a temporary basis until the next shareholders' meeting on April 29.

Faugère, an Icade director representing Caisse des Dépôts, is also chairman of insurance group CNP. Palladitcheff was until now a member of the executive committee of Icade, in charge of finance, legal and IT affairs.