IVG Immobilien said CEO Ralf Jung has left the company due to 'differences of opinion between him and core investors on the future strategic direction' of the German office property investor.
IVG Immobilien said CEO Ralf Jung has left the company due to 'differences of opinion between him and core investors on the future strategic direction' of the German office property investor.
Supervisory board chairman Dietmar Binkowska has been appointed CEO to replace Jung.
Jung had only been in the job for six months. He took the top job at the Bonn-based company in September 2014 after IVG Immobilien - formerly the largest listed property company in Germany - completed a year-long debt restructuring programme having filed for creditor protection in August 2013.
IVG's management team now comprises Binkowska as CEO, Rolf Glessing as chief financial officer and Oliver Priggemeyer as chief operations officer. The company has about €3.7 bn of property assets, of which €3.5 bn is located in Germany.
Comment
Binkowska said in the statement, 'The company is on an excellent footing for a promising future, given the quality of the assets, the good operational figures, the professional expertise of the entire team, and the trust of the investors.'
Binkowska was previously chairman of the management board of NRW Bank, the regional development bank for the state of North Rhine-Westphalia. Prior to that he held various senior positions, including roles at Deutsche Bank and HypoVereinsbank.