AM NV (formerly Amstelland MDC) is expanding its Management Board. At the General Meeting of Shareholders on 6 May, the Supervisory Board will announce that Jaap Gillis, Coen van Oostrom and Peter Ruigrok are to be appointed to the Management Board, Messrs. Gillis and Ruigrok with effect from that date and Mr. Van Oostrom as from 1 July. Peter Noordanus will be appointed Chairman of the Management Board.
These appointments are consistent with AM’s policy of reducing the average age and increasing the diversity of membership of the Management Board, as announced by the Supervisory Board in December 2003. After these appointments, AM’s Management Board will consist of Messrs. Noordanus (Chairman), Hans van Veggel (Vice-Chairman), Gillis, Van Oostrom and Ruigrok. Mr. Van Veggel is due to retire by rotation on 31 December 2004, but will continue to serve AM as Chief Creative Officer in the first half of 2005.
J.C. (Jaap) Gillis (50) is currently Vice-Chairman of AM Development and Chairman of AM Vastgoed. Until the merger of Amstelland and Multi Development Corporation (MDC) in 2002, he was Chairman of MDC which he joined in 2000, having formerly been Chairman of ING Real Estate International. Mr. Gillis currently holds 146,756 AM shares.
C.P.G. (Coen) van Oostrom (34) is Director of OVG Projectontwikkeling BV in Rotterdam, which he founded in 1997, having formerly worked in operational control and risk management at Wilma in Antwerp.
P.S.M. (Peter) Ruigrok (49) is Chairman of AM Wonen. Until the merger of Amstelland and MDC, he was Group Director of Amstelland Ontwikkeling Wonen. He currently holds 11,452 AM shares.
Allocation of responsibilities
Within the newly configured Management Board, Peter Noordanus as Chairman will concentrate on discharging the Board’s strategic responsibility for directing the activities of the AM Development, AM Wonen and AM Grondbedrijf business units and those of the group as a whole. He will be ultimately accountable for financial policy and will oversee the Finance & ICT, Special Projects, Internal/External Communications & Investor Relations and Human Resources staff departments.
As Chief Creative Officer, Hans van Veggel will be responsible for AM’s branding and corporate identity. He will also guide and encourage the implementation of the conceptual design and development approach within AM and oversee the activities of in-house designers T&T Design.
Jaap Gillis and Coen van Oostrom will be responsible within the Management Board for the AM Development business unit, which specialises in shopping centre and office projects. Mr. Van Oostrom will be primarily responsible for the commercial side, while Mr. Gillis will concentrate on organisational development, foreign activities and asset management (real estate funds). Mr. Van Oostrom will also be appointed Chairman of AM Development with effect from 1 January 2005, with Mr. Gillis continuing as Vice-Chairman.
Peter Ruigrok will be responsible within the Management Board for AM Wonen and AM Grondbedrijf. He will continue as Chairman of AM Wonen.
Acquisition of OVG
In connection with his appointment to the Management Board, AM will acquire Mr. Van Oostrom’s companies, OVG Projectontwikkeling BV and OVG Projecten BV. OVG specialises in (re)development of new and existing commercial property (offices, shops and industrial premises), housing construction projects and inner city development. OVG’s turnover in 2003 was around €20 million. The acquisition will be paid for partly in cash and partly in shares. A due diligence investigation in relation to the acquisition will start shortly. The acquisition is expected to have only a marginal effect on earnings per share.