Last Tuesday (July 8th) an article appeared in the Telegraaf regarding the resignation of Mr. Wernink as Chairman of CÃÂ³rio in May this year. Some shareholders questioned the truth of this message and wondered whether Mr. Wernink really stepped down on his own initiative or if he had been asked to do so by the Supervisory Board. CÃÂ³rio answers with the following press release on Wednesday:
´On 20 December 2002, Corio announced that Mr Th.W. Wernink, after a period of 10 years, would step down as Chairman of the Management Board and that an external search for a successor would commence. In the interests of both Corio and Mr Wernink, it was agreed that Mr Wernink would tender his resignation of his own accord during the Annual General Meeting of Shareholders on 24 April 2003. During the Annual General Meeting of Shareholders the Chairman of the Supervisory Board, as requested, therefore stated that the initiative to leave the company was taken by Mr Wernink. During the Annual General Meeting of Shareholders, it was furthermore announced that a redundancy payment would be determined at a later date.
At the request of the Supervisory Board, Corio now announces that the departure of Mr Wernink occurred at the instigation of the Supervisory Board since the Supervisory Board had lost confidence in Mr Wernink as Chairman of the Management Board. Mr Wernink agreed to his stepping down, provided redundancy pay to be agreed upon at a later date. At this moment the parties concerned have not yet reached agreement on this. Meanwhile parties have agreed to refer this matter to external arbitration.
On 22 January 2003, Mr P.A.R.J. Vismans tendered his resignation as Member of the Management Board to the Supervisory Board, in order to accept a position as Chairman of the Board elsewhere. Mr Vismans resigned of his own accord. No redundancy payment has been awarded.
The Supervisory Board has requested Mr J.A. de Kreij to act as advisor to the Management Board on 18 December 2002. In order to ensure continuity, the Supervisory Board appointed Mr. De Kreij, considering his extensive international property investment knowledge and vast experience in management and financial matters, as delegated member of the Supervisory Board as of 23 January 2003. Since 9 May 2003, Mr De Kreij was also appointed as temporary executive director and Chairman of the Management Board alongside Mr J.P. van Leeuwen, Chief Financial Officer.´
Source: CÃÂ³rio N.V.