IVG has appointed Wolfgang Schäfers as a board member of the German property company.
Schäfers succeeds Bernd Kottmann, who resigned at his own request and will leave on 31 May. He had been chief operating officer since 2001 and chief financial officer since 2007. He also acted as deputy chairman.
IVG’s chief executive officer, Gerhard Niesslein, said IVG’s board “deeply regret Bernd Kottmann’s decision.”
Schäfers was responsible for investment banking and property clients at private bank Sal Oppenheim. The bank owns a minority stake in Germany’s biggest listed property company.
Last year, chief executive Wolfhard Leichnitz resigned after only two years in the job. Leichnitz built a €3.5bn property portfolio, with assets he bought at the top of the market, with the aim of listing them as a real estate investment trust (REIT).
But then stock markets collapsed and left IVG with a a huge pile of debt. IVG needs to refinance €900m of debt this year. Its share price has recovered in recent weeks after it fell sharply last year.
In November last yar IVG appointed Niesslein, who joined from Deutsche Telekom.
