Adler Group S.A.: Sven-Christian Frank to become Sole Director of Adler subsidiary Consus Real Estate AG
DGAP-News: Adler Group S.A. / Key word(s): Personnel/Miscellaneous
Sven-Christian Frank to become Sole Director of Adler subsidiary Consus Real Estate AG
Luxembourg, 31 May 2022: Adler Group S.A. (“Adler Group”) announces that its Chief Legal Officer (CLO), Sven-Christian Frank, has offered to take over the role of Sole Director of Adler’s subsidiary Consus Real Estate AG (“Consus”) effective 7 June 2022, in addition to his current position. Following yesterday’s meeting, the Supervisory Board of Consus announced that it will soon resolve upon the succession of Dr. Bernd Schade and appoint Sven-Christian Frank as his successor effective 7 June 2022.
The Sole Director of Consus, Dr. Bernd Schade had previously informed the Chairman of the Supervisory Board of Consus, Mr. Thomas Zinnöcker, that he will resign from his position as Sole Director of Consus with effect from 7 June 2022. Dr. Schade will also step down as CDO of Adler Group but be available to the Company as senior advisor.
Adler Group CEO Thierry Beaudemoulin commented: “Adler Group’s Senior Management greatly appreciates that Sven-Christian Frank will be taking on this integrated role at a challenging time for the Group and that Bernd Schade will continue to provide us with his expertise and contacts in the German municipalities. He will focus on the consistent realization of our development projects.”
Consus had previously announced that its equity was negative as of 31 December 2021 due to impairments and resulting loss assumptions on the basis of existing profit and loss transfer agreements. To recapitalize Consus within the Adler Group, on the one hand Consus’s balance sheet needs to be restructured and on the other hand the project development business needs to be consequently enhanced.
T +352 278 456 710
F +352 203 015 00
31.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Adler Group S.A.|
|Phone:||+352 278 456 710|
|Fax:||+352 203 015 00|
|Indices:||SDAX, FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX|
|EQS News ID:||1364661|
|End of News||DGAP News Service|