Spanish businessman Joaquin Rivero is stepping down as CEO of French real estate investment trust Gecina but will remain on as chairman. Rivero's resignation from the day-to-day management comes after Gecina's board decided not to implement a plan to demerge from Spanish property company Metrovacesa.
Spanish businessman Joaquin Rivero is stepping down as CEO of French real estate investment trust Gecina but will remain on as chairman. Rivero's resignation from the day-to-day management comes after Gecina's board decided not to implement a plan to demerge from Spanish property company Metrovacesa.
Gecina said that certain shareholders had requested a change in the board of directors of the French company 'in order to reflect the shareholding of the company, mainly following Gecina’s decision to abandon the implementation of the separation agreement'. Rivero, the statement continued, had been 'willing to find a consensus' and was resigning with no indemnity of any kind. Antonio Truan, the deputy CEO, is taking over from Rivero.
The agreement was signed in early 2007 by Metrovacesa's former main shareholders, Rivero and the Sanahuja family, to settle a power struggle. But Gecina signalled in April this year that it would not implement the agreement as it had not been agreed by the two companies.
Gecina said on Wednesday that the General Meeting convened for 20 May has been postponed to 15 June when the board will propose the payment of a dividend of EUR 5.70 per share in relation to fiscal year 2008.
Gecina saw earnings before interest, tax, depreciation, and amortization (EBITDA) and disposals rise 7% in the first quarter compared to the year-earlier period to EUR 129 mln.
