At the Klépierre Supervisory Board meeting of June 1, 2005 chaired by Dominique Hoenn, two new members were appointed to the Klépierre Executive Board: Jean-Michel Gault and Laurent Morel. This brings the number of Executive Board members to five.
Previously, the Board was composed of Michel Clair, Executive Board Chairman, Eric Ranjard, Executive Board Vice-Chairman, in charge of Development and the Shopping Center Division, and Claude Lobjoie, head of the Office Property Division and Corporate Secretary.
Jean-Michel Gault has been Klépierre's CFO since 1998. He is also responsible for Group financial disclosures.
Laurent Morel joined Klépierre in February 2005, following his successful experience with corporate global expansion. His new role is to work with Eric Ranjard to consolidate growth in the Group's Shopping Center Division.
These appointments reflect the broader backdrop of sustained growth for Klépierre, which plans to invest over 3 billion between 2005 and 2009. Klépierre is continental Europe's number one player in shopping center property, with close to 345 malls under management, most of them in France, Spain and Italy. At December 31, 2004, its real estate holdings were valued at 6 billion. With the acquisition of 7 shopping centers in Poland and 2 in the Czech Republic announced last May, Klépierre is now present in 11 different countries.