Raphaël Tréguier has been removed from the position of CEO of French REIT CeGeReal by the company's board of directors.
According to CeGeReal, differences in opinion on company strategy between the board and Tréguier resulted in the board terminating his role.
Pending the appointment of a new CEO, the board has asked Jérôme Anselme (pictured), current deputy CEO, to perform CEO duties on a temporary basis.
Majority shareholder Northwood Investors sold a 25% stake in CeGeReal to Singapore's GIC in April 2016, to comply with rules to preserve the company's SIIC (REIT) status. CeGeReal reported improved results in October of the same year.
CeGeReal also reported a sharp improvement in operating performance last week in its quarterly financial statement, with EPRA earnnings up 63.7% to €24.1 mln and rental income rising 7.3% year on year.
