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GSW investors back vote of no confidence in new CEO
June 18, 2013 / 5:58 PM / 4 years ago

GSW investors back vote of no confidence in new CEO

FRANKFURT, June 18 (Reuters) - Shareholders in German real estate company GSW Immobilien on Tuesday supported a vote of no confidence in the company’s newly appointed chief executive.

Holders of more than 63 percent of the company’s shares, represented at the company’s annual shareholders meeting, voted in favour of a motion, put by Dutch pension fund PGGM, which according to Reuters data holds 2.98 percent of GSW Immobilien shares.

The pension fund argued Bernd Kottmann, who has been in his new role for only a few weeks, was not the best candidate for the job.

A motion of dismissal against GSW’s supervisory board chairman Eckart John von Freyend, who approved Kottmann’s appointment, did not make the required majority of 75 percent.

GSW said in a statement 69.6 percent backed the proposal.

“The supervisory board of the company will hold an extraordinary meeting in the next few days and consult on the situation,” the company said.

PGGM’s criticism has already led German financial services watchdog BaFin to investigate if GSW violated disclosure rules about the departure of former Chief Executive Thomas Zinnoecker. (Reporting by Harro ten Wolde; Editing by David Holmes)

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