DEMIRE’s Executive Board to now consist of two members
- Executive Board contract of Mr. Markus Drews to be extended until the end of 2020
- Mr. Patrick Kaiser appointed as new Executive Board member of Fair Value REIT-AG
Frankfurt/Main, 02. November 2016 – Frankfurt/Main, November 2, 2016 – Following Mr. Frank Schaich’s resignation, the Executive Board of DEMIRE Deutsche Mittelstand Real Estate AG (ISIN: DE000A0XFSF0) (“DEMIRE”) will consist of two board members. DEMIRE’s Supervisory Board plans to extend the Executive Board contract of Mr. Markus Drews at the start of the year 2017 by a further three years until the end of 2020. This will ensure the continuity of the Executive Board.
Mr. Schaich will continue to be on the Executive Board of Fair Value REIT-AG until March 31, 2017 to fully complete the integration process. Mr. Patrick Kaiser, DEMIRE’s long-time commercial director, has been appointed as a further Executive Board member of the Fair Value REIT-AG subgroup. Mr. Kaiser has been responsible for DEMIRE’s finance department and, in recent months, has contributed to the major reduction in administrative costs through insourcing the finance department.
Andreas Steyer, CEO of DEMIRE and member of the Supervisory Board of Fair Value REIT-AG in his comments on the changes said: “Our cooperation with Frank Schaich was extremely successful within a very short time. Fair Value REIT-AG is now almost completely integrated into DEMIRE. We therefore greatly regret that Mr. Schaich has decided to resign from his positions on both the DEMIRE and Fair Value REIT-AG Executive Boards but respect his decision to pursue new challenges. With Patrick Kaiser, we have placed a successful and experienced successor at our Fair Value REIT-AG subgroup who will continue to responsibly execute its business model.”
The Executive Board