- Push-out Score suggests push-out forces
- After around seven years in the position
- Accolades, praise, thanks, words of regret and good wishes for Kirsten
- Helene von Roeder taking over
- Kirsten said 55 words
(exechange) — Bochum, Germany, March 5, 2018 — Stefan Kirsten, finance chief of Vonovia, leaves. As announced by Vonovia SE in a news release on Monday, March 5, 2018, Artur Stefan Kirsten leaves his post as Chief Financial Officer at the residential real estate company after around seven years in the position, effective May 9, 2018.
Kirsten’s duties will be taken over by Helene von Roeder, currently CEO of Germany of Credit Suisse.
The fact that Kirsten’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Long-term continuity when it comes to the top management of the company”
A reason for Kirsten’s departure from the CFO post was not explicitly given. Kirsten said: “Vonovia will now head for new shores and focus on development opportunities in Europe. This calls for long-term continuity when it comes to the top management of the company, something which is particularly important in the real estate industry at the moment. Furthermore, the consolidation of external finance with internal controlling is the right move.”
Precise information about Kirsten’s future plans was not immediately available.
Vonovia said: “Dr. Stefan Kirsten, CFO of Vonovia, has decided to step down from the Management Board of Vonovia SE, effective from the end of the Annual General Meeting on May 9, 2018.”
Share price rise since November 2016
The change follows a rise in the share price of Vonovia SE since November 2016.
Chaired by Edgar Ernst
Vonovia SE is chaired by Edgar Ernst.
On September 7, the Supervisory Board of Vonovia SE had elected Ernst as its Chairman until the next scheduled Supervisory Board elections in May 2018.
Jürgen Fitschen will be taking on the role of Chairman
On March 5, 2018, Vonovia also announced that Jürgen Fitschen (69) will be taking on the role of Chairman of the Vonovia SE Supervisory Board.
“The Supervisory Board agreed unanimously today to recommend Jürgen Fitschen as a new member of the Supervisory Board at the next scheduled Annual General Meeting on May 9, 2018. The Supervisory Board will appoint Fitschen as Chairman of the Board immediately thereafter.”
Jürgen Fitschen will thus succeed Edgar Ernst, who had taken over the Chair from Wulf H. Bernotat in September 2017 until this year’s Annual General Meeting. Bernotat passed away shortly after stepping down as Chairman of the Supervisory Board.
Fitschen was Co-CEO of Deutsche Bank AG until May 2016.
CEO: Rolf Buch
Rolf Buch serves as CEO of Vonovia SE since April 1, 2013.
In the position of CFO since 2011
Kirsten has been the Chief Financial Officer and Member of the Management Board of Vonovia SE (also known as Deutsche Annington Immobilien GmbH) since January 1, 2011.
His work at Vonovia started with the refinancing of what was then Europe’s largest real estate securitization project, the “GRAND securitization” worth a total of EUR5.8 billion.
This allowed him to lay the foundations for the company’s successful IPO in 2013, when it was still operating as Deutsche Annington.
Following the successful takeover of Gagfah and the company’s promotion to the DAX, the company now known as Vonovia SE became the only German blue chip from the real estate industry in the German stock exchange’s leading index.
Before joining Vonovia, Kirsten was CEO of the trading and real estate group Majid Al Futtaim Group LLC in the United Arab Emirates.
Before that, he held a number of corporate leadership roles, including the role of CFO at Metro AG and ThyssenKrupp AG.
Kirsten studied business management and computer science at the Fern-Universität in Hagen (as an extramural student) and Göttingen University between 1981 and 1986.
He graduated in business management in 1986 and obtained his PhD (earning the title of Dr. rer. pol.) in 1991.
In 1996, he completed the Stanford Executive Program at Stanford University’s Graduate School of Business in California.
Since 1995, he has taught at various German and foreign universities and has held an honorary professorship at the Westphalian University in Gelsenkirchen since 2001.
At the end of 2017, “Finance” magazine awarded Dr. A. Stefan Kirsten the title of CFO of the Year.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Stefan Kirsten’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 11.2018 ($).