Chairman of troubled German landlord Adler resigns (updated)

Adler SA

19/02/2024 09:22

(Adds background in paragraphs 3 and 5, chairman quote in
paragraph 4, stock move in paragraph 6)
       Feb 19 (Reuters) - Adler Group  ADJ.DE  said on Monday
its chairman of the board of directors Stefan Kirsten had
resigned with immediate effect for health reasons.
    Following an extraordinary meeting of the board of
directors, the major German landlord said Stefan Brendgen would
replace Kirsten with immediate effect.
    Adler, one of Germany's biggest landlords, is fighting a
liquidity crisis, triggered by a downturn in the domestic
property market, rising energy and building prices caused by
Russia's invasion of Ukraine and the fallout from the COVID-19
pandemic.   
        "Adler is stabilized and can determine its own future,
albeit in an extremely difficult market environment," Kirsten
said after the meeting, adding that doctors advised him to avoid
endangering his health.
  
        Kirsten, a former Thyssenkrupp  TKAG.DE  and Vonovia
 VNAn.DE  board member, replaced the previous chairman in 2022
after British short seller Fraser Perring had raised doubts
about the company's accounting methods.
  
        Shares of the stock rise 3.4% at 0915 GMT.
  
        
  
        
  
        
  
    

 (Reporting by Matthias Inverardi; writing by Anastasiia Kozlova
and Amir Orusov; editing by Bartosz Dabrowski and Rachel More)
 ((Anastasiia.Kozlova@thomsonreuters.com;
Amir.Orusov@thomsonreuters.com))