28.09.2016

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FO Florian Nowotny steps down – Former IVG CFO Volckens as successor

Our conclusion

    In our view the resignation of Florian Nowotny is unfortunate as we regard him as a very experienced CFO who made a major contribution to the success of CA Immo over the past years. The new CFO Hans Volckens is also very experienced in the real estate industry and we believe that he is a good choice for CA Immo during the upcoming challenging merger process.

    With the new major stakeholder IMMOFINANZ, changes to the management board were likely. Although the change to the management board can initially slow down the progress within the negotiations for the merger for a while. We regard time as crucial for the merger to succeed and to be in the best interest of the shareholders.

Facts & Analysis

    CFO Florian Nowotny will step down as CFO as of 30 September 2016. His successor will be Dr. Hans Volkert Volckens, a jurist, who used to work for IVG from 2011-2014 as CFO while the company was in its restructuring phase. Thus we regard him as a legal and tax expert, who is experienced in special situations real estate companies. 

Source: Company data, Baader Helvea Equity Research

Company im Artikel

CA Immo

Baader Bank, Robert Halver

4308

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