News Article Austria career CEE CPIPG S Immo takeover
by Property Forum | Career

Following the completion of the mandatory offer by CPI Property Group in relation to S Immo, the Supervisory Board and the acting Chairman of the Management Board, Dr. Bruno Ettenauer, have mutually agreed that Mr. Ettenauer's Management Board contract terminated at the end of 6 September 2022.

Mr. Ettenauer's tasks have been assumed by Herwig Teufelsdorfer, a member of the Management Board of S Immo. Mr. Ettenauer took up his mandate as Chairman of the Management Board of S Immo in March 2021.

Karin Rest, Chairwoman of the Supervisory Board of S Immo said: "Bruno Ettenauer assumed the management of S Immo at a time when there were major challenges both externally due to the strains of the COVID-19 pandemic and internally due to the company's shareholder structure. We owe him a great debt of gratitude for the care and competence with which he has led S Immo over the past 1.5 years. In the negotiations surrounding the takeover offer, he played a key role in enabling the company's shareholders to exit at a fair offer price."

Martin Němeček, Deputy Chairman of the Supervisory Board and CEO of CPI Property Group added: "Bruno Ettenauer is an outstanding manager and a proven property expert. He can look back with great pride on his achievements not only at S Immo but also at CA Immo. We recognise his achievements for S Immo over the past two years in a decidedly respectful manner."

Bruno Ettenauer commented: "The time at S Immo was certainly characterized by many challenges, but above all by great cooperation with all colleagues and many enriching experiences. The relationship with CPI's management has always been one of mutual respect, while at the same time there are sometimes very different ideas regarding the future direction of the company. In this respect, it is a good time for me personally to leave S Immo in the knowledge that I have fulfilled my responsibility to the shareholders and in the confidence that CPI will treat the remaining shareholders, the excellent team and the high-quality portfolio with care."