Kurt Viermetz resigns from Supervisory Board of Hypo Real Estate Holding (DE)

With the Supervisory Board of Hypo Real Estate Holding AG having refilled key positions on the Management Board at the start of last week, the Chairman of the Supervisory Board, Kurt F. Viermetz, has abdicated his mandate as Chairman of the Supervisory Board.

Mr. Viermetz stated: "With the replacements to the Management Board and the fundamental settlement of the liquidity support, my most urgent tasks have been fulfilled. I can now step down from the Supervisory Board in the knowledge that, despite the extraordinarily difficult state of the finance sector, the foundations for a sound new beginning have been laid."

Next Monday already, Dr. Axel Wieandt as CEO and Dr. Kai Wilhelm Franzmeyer as Member of the Board and Treasurer, will begin their duties in our company.

With the resignation of Mr. Viermetz, his former deputy on the Supervisory Board, Professor Dr. Klaus Pohle, will fill the position of Chairman on an interim basis.

Professor Pohle stated: "Hypo Real Estate Group is very grateful to Kurt Viermetz. Like no other, he facilitated the company by his steady leadership and vast international experience from its difficult beginnings following the spin-off from HVB to become one of the leading global commercial real estate financing houses. Despite the crisis of recent weeks, his prudence and decisiveness contributed greatly to the company gaining the chance of a new start with the help of the German Government, the Central Bank and various financial institutes. The Supervisory Board and the shareholders of Hypo Real Estate Holding AG owe Mr. Viermetz their highest respect for his achievement and for his decision to leave the Chairmanship of the Supervisory Board in new hands."

On behalf of Supervisory Board Member, Mr. J.C. Flowers, Professor Pohle stated: "The investors associated with me, and I myself, have the greatest respect for the achievements and enormous commitment of Kurt Viermetz on behalf of Hypo Real Estate Group. We thank him for his excellent co-operation."

Source: Hypo Real Estate

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