FINANCE: CLS Holdings has appointed former GE Capital Real Estate Europe president and chief executive Lennart Sten as an independent non-executive director.
Sten, who retired from GE Capital last month and was replaced by Ellen Brunsberg, takes the position at the Anglo-Swedish investor and developer with effect from 1 August 2014.
Earlier this month CLS removed former chief executive Richard Tice from his role as an non-executive director after just three months when it emerged he was working on plans to launch a competing listed property vehicle.
Sten, 55, has 15 years’ experience in the international property industry, having held senior positions at GE Capital and GE Real Estate Nordic, prior to his stint as president of GE Capital Real Estate Europe.
Before GE Capital, he was a partner at Baker & McKenzie LLP, Stockholm, and an assistant judge in the district court of Solna.
He is a non-executive director of Victoria Park AB, a company listed on the NASDAQ OMX Stock Exchange, Stockholm, and of a number of private companies, including Inter IKEA Holding.
Sten does not have any beneficial interest in CLS’s ordinary shares.
CLS executive chairman Sten Mortstedt said: “I am delighted that Lennart has agreed to join the board. He has a wealth of international property, law and business experience and will enhance the board’s expertise in areas that are fundamental to the group.”
bridget.oconnell@estatesgazette.com
