Change in the Board of Management of IVG Immobilien AG (DE)

The CEO of IVG Immobilien AG, Dr Gerhard Niesslein, has informed the Supervisory Board of IVG that he will not renew his Board of Management contract when it expires at the end of October 2011 for reasons relating to his personal life planning.

The Supervisory Board has appointed the current CFO, Prof Dr Wolfgang Schäfers, as the CEO effective November 1, 2011 at the latest. Prof Dr Schäfers is also extending his contract by three years to December 31, 2014.

At an IVG event at the Petersberg near Bonn, the Chairman of IVG's Supervisory Board, Detlef Bierbaum, reminded how Niesslein took on the position as CEO at the end of 2008 at the height of the financial and economic crisis, shortly thereafter followed by Schäfers as CFO in February 2009.

In appointing this Board of Management team, the Supervisory Board set four core restructuring goals: restoring the financial stability of IVG in a crisis-worried capital market environment, the professional finalization of the major project THE SQUAIRE, the realignment of IVG's business model for the time after the crisis, and the establishment of a new, team-oriented management.

"Working together closely, CEO Dr Gerhard Niesslein and CFO Dr Wolfgang Schäfers have achieved these goals," Bierbaum stated, continuing: "Dr Schäfers is looking forward to his new responsibilities and will continue the development of IVG with determination and drive. He will ensure continuity and transparency in the ongoing management of IVG."

After the end of his term in office, Dr Niesslein will retain links with IVG as the new Chairman of the IVG Group Advisory Committee (Beirat), as well as keeping his position as Chairman of the IVG Foundation. The Supervisory Board will now immediately start talks with a view to completing the Board of Management team at Dr Niesslein's departure.

Source: IVG Immobilien AG

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