Adam Fischer is to step down as CEO of Swedish-based investment vehicle Russian Real Estate Investment Company at the company’s AGM to be held today.
Ingvar Ljungqvist will be appointed interim CEO.
Fischer’s departure is the result of a difference of opinions about strategy, the company said in a statement. Fischer will remain employed by the company until 29 June.
Ljungqvist will assume the position of interim CEO today. He has worked at SEB-Enskilda in New York and Stockholm and with IBM and Case Asset Management.
“While we are sad to part ways with Adam, we would like to thank him for his efforts during this brief sojourn. We are at the same time delighted to present the shareholders with such a competent replacement as Ingvar. His skills in taking on challenges head-on will prove very useful,” said Ruric chairman Lennart Dahlgren.
At the end of May, the company reported increased losses after tax for the first quarter of the year, -SKr134.3m (-€14.9m), a sharp fall from its loss of -SKr0.5m for the first quarter of 2011.
Bondholders also rejected a proposal to acquire a stake in the Fontanka 57 development in St Petersburg from Scorpio for SKr88m (€9.8m). Ruric had agreed to take full control of the Fontanka 57 property in March.
