An unprecedented power struggle finally came to an end on Wednesday: real estate juggler René Benko is withdrawing from his floundering Signa Group. Signa said at lunchtime that he had handed over the chairmanship of the holding’s advisory board to the German restructuring expert Arndt Geiwitz.
In addition, Geiwitz will also take over the chairmanship of Signa Holding’s shareholder committee. He is supposed to organize the restructuring of the entire Signa Group.Geiwitz: “Signa needs peace and order now” “Signa needs peace and order now. It is therefore both responsible and necessary to initiate comprehensive consolidation for the company now. I call on everyone involved to take part in this process,” Geiwitz is quoted in the company’s broadcast. Geiwitz, who wants to approach his task “carefully and sensibly” and find “long-term solutions”, enjoys the trust of all shareholders, said it further in the broadcast. To support him, Signa has also “engaged other leading external consultants, including at prime and development levels, to carry out a high-pressure review of all business areas and to develop measures and a holistic concept for the group”. if(!apaResc)var apaResc=function(a)var e=window.addEventListener?”addEventListener”:”attachEvent”,t,n;(0,window[e])(“attachEvent”==e?”onmessage”:”message”,function(e)if(e.data[a]) for(var t=document.getElementsByClassName(a),n=0;n!=t.length;n++) t[n].style.height=e.data[a]+”px”,!1); apaResc(“apa-1467-23”); According to the release, the Benko Family Private Foundation remains the holding’s largest shareholder. It is unclear whether Benko will also – as previously rumored – transfer his voting rights to Geiwitz in trust. Several divisions of the group of companies founded by Benko have recently run into difficulties. Losses accumulated, particularly in the real estate business, due to high devaluations. Last Friday it became known that Benko had to withdraw from his own group due to pressure from investors.
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