Some 220 staff have been made redundant at Orco Property Group since the launch of a major restructuring programme. The job cuts represent just under 10% of the group's workforce.
Some 220 staff have been made redundant at Orco Property Group since the launch of a major restructuring programme. The job cuts represent just under 10% of the group's workforce.
Orco is an investor, developer and asset manager in the Central European real estate and hospitality market and has currently assets under management of EUR 2.5 bn.
Orco said the restructuring plan would lead to the closing of several regional and country offices, disposals of non-core assets and businesses, and a savings plan involving the redundancies.
'With this new, leaner organisation, Orco Property Group is adapting its managerial structure to the changing market conditions and is positioning itself to move the company forward by delivering quality buildings to its clients in its core markets,' the company said.
Announcing the next phase of the plan on Wednesday, Orco said that its CEO Jean-François Ott will be taking full and direct responsibility of real estate development and asset management company-wide.
Nicolas Tommasini has been named Deputy CEO and interim chief Financial Officer. He will also continue to manage all investment and partnership transactions. Keith Lindsay, chief operations officer, will be responsible for all Operations and Systems as well as Hospitality.
Ales Vobruba will take on the new role of managing director of Orco Prague, and will have responsibilities for the Czech and Slovak Republics in addition to his role as head of bank financing.
Meanwhile, the board of directors has accepted the resignations of Luc Leroi as director and managing director of the company and legal representative of CEREM, an Orco subsidiary, - which acts as director of the company - and of Arnaud Bricout as director of the company.
