Board member set to depart from the company.
Vonovia, one of Germany's leading residential property companies, has announced that Daniel Riedl, its Chief Development Officer, will be leaving the company on May 31, 2026. Riedl has been a key figure in Vonovia's growth strategy for the past eight years.
Riedl's tenure at Vonovia has been marked by significant achievements. Since 2018, development has been a key driver of the company's growth, with Vonovia building over 18,000 new apartments and entering serial construction. Riedl successfully navigated development through integration and the construction crisis at Vonovia.
Clara C. Streit, Chair of the Supervisory Board, praised Riedl's work at Vonovia, stating that he has made a substantial contribution to the company's success. Rolf Buch, the outgoing CEO of Vonovia, also expressed regret over Riedl's decision to leave.
The separation between Riedl and Vonovia is said to be amicable. Riedl plans to stay connected with Vonovia through consulting activities and supervisory board mandates.
Vonovia has sufficient time to find a worthy successor for Riedl. While a specific candidate has not been named, the supervisory board will timely seek a suitable successor, considering both internal and external candidates to ensure continuity and manage future challenges.
The chart picture of Vonovia remains clouded, making it currently only a hold position. However, the chances of a medium- to long-term turnaround remain good for Vonovia.
Before joining Vonovia, Riedl was the CEO of BUWOG Group, a position he held until the company was successfully taken public. His experience and success in leading a residential property company will undoubtedly be missed at Vonovia.
Vonovia's stock trading close to the previous day's closing price on the news of Daniel Riedl's departure, indicating a stable market response to this change. As Vonovia moves forward, it will be interesting to see who will take on the role of Chief Development Officer and how they will continue to shape the company's growth strategy.
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