Ad hoc announcement according to article 53 KR
Peach Property Group AG: CEO Thomas Wolfensberger resigns; Reto Garzetti new Executive Chairman; Peach appoints COO
Zürich (pta032/19.04.2023/18:15 UTC+2)
Ad hoc announcement pursuant to Art. 53 LR
- After 16 years, CEO Dr. Thomas Wolfensberger resigns at the upcoming Annual General Meeting. In the future, he will serve as an advisor to the group and remain a loyal shareholder
- Reto Garzetti, President of the Board of Directors, assumes operative management functions as Executive Chairman
- Peach Property Group appoints Marcus Schmitt as Chief Operating Officer (COO) in Germany
Dr. Thomas Wolfensberger, CEO of Peach Property Group, informed the Board of Directors that he intends to step down from his role as CEO after 16 years of service at the upcoming Annual General Meeting on May 24, 2023. He will continue to be available to the company as an advisor. The Board of Directors regrets Dr. Wolfensberger's decision and thanks the outgoing CEO for his long-standing commitment and his great achievements.
President of the Board of Directors Reto Garzetti will assume the operational management responsibilities of the CEO following the Annual General Meeting and chair the Executive Board as Executive Chairman.
In addition, Peach Property Group appoints Marcus Schmitt as Chief Operating Officer (COO) in Germany. He takes up his position in July 2023.
Dr. Thomas Wolfensberger commented:
"We have achieved an extraordinary amount with our Peach Property Group over the past 16 years: we have built up our portfolio from 0 to EUR 2.6 billion, implemented many successful projects in three countries, and created an asset management platform that enjoys respect within the industry. Over a long period of more than ten years, we were one of the most successful European real estate companies in terms of performance. The change in the macro environment that comes with high inflation in the EU is changing priorities and opportunities across the industry. Peach Property Group is very well positioned to navigate this environment successfully and sustainably. Personally, however, I would like to use this new phase to gain more time for myself, my family, and new entrepreneurial interests.
Peach Property Group has the best team at all levels that I have ever had the pleasure of working with, and I know that the company is in very good hands. I would like to thank all employees, my management team, the Board of Directors, all investors, and, finally, all our tenants for the trust they have placed in me over the past 16 years. I am gladly at the disposal of the company and the Board of Directors as an advisor and look forward to further good cooperation. I will also remain connected to the company as a major shareholder, and I am very much looking forward to the opportunities that will present themselves for the shares of Peach Property Group AG in the coming years."
Reto Garzetti, President of the Board of Directors, said:
"The Board of Directors of Peach Property Group regrets the decision of Thomas Wolfensberger to resign as CEO. He has shaped the company from the very beginning, was key for the entire portfolio development, and the establishment of the management structures and tools. With his passion, drive, and entrepreneurship, he is a role model for everyone. The Board of Directors would like to thank him for the many years of good operational collaboration and is now looking forward to continuing to work with him as part of Mr. Wolfensberger's advisory mandate.
At the same time, we are pleased to have found in Mr. Marcus Schmitt a COO with extensive industry and leadership experience for our operating business in Germany. Mr. Schmitt has around 25 years of industry-specific professional experience and most recently had profit and performance responsibility for a regional residential portfolio of around 25 000 residential units and a team of 96 employees. An important task of the new COO is to further improve operational processes and efficiencies in Germany, which will also help to implement our ambitious earnings and cost targets. We warmly welcome him to the Peach team.
I have served the Peach Property Group as Chairman of the Board of Directors since 2015. With my appointment as Executive Chairman, I am looking forward to leading the company through the changed market environment, also in operational terms. The Group is very solidly positioned in the market and has a lot of potential on the earnings and cost side that now needs to be realized."
Media, investors, and analysts
Dr. Thomas Wolfensberger, Chief Executive Officer, Reto Garzetti, President of the Board of Directors, Thorsten Arsan, Chief Financial Officer, and Stefan Feller, Head of Investor Relations
+41 44 485 50 18 | email@example.com
Edelman Smithfield, Ruediger O. Assion
+49 (0) 221 8282 8111 | mobile: +49 (0) 162 4909624 | firstname.lastname@example.org
About Peach Property Group AG
Peach Property Group is a real estate investor with an investment focus on residential real estate in Germany. The Group stands for many years of experience, competence, and quality. Innovative solutions that cater to tenants' needs, strong partnerships, and a broad value chain round off the profile while digitalization and sustainability underpin the operational activities. The portfolio consists of high-yield properties, typically in German Tier II cities in the commuter belt of metropolitan areas. The activities, therefore, span the entire value chain, from location evaluation and acquisition to active asset management and the letting or sale of properties.
In addition, the Group develops selected properties in Switzerland to be sold as condominiums, of which the "Peninsula Wädenswil" development project is the final such development project.
Peach Property Group AG has its registered office in Zurich and the Group is headquartered in Cologne. Peach Property Group AG is listed on SIX Swiss Exchange (PEAN, ISIN CH0118530366). Its Board of Directors consists of Reto Garzetti (President), Peter Bodmer,
Dr. Christian De Prati, Kurt Hardt and Klaus Schmitz.
More information at https://peachproperty.com/en/
Peach Property Group AG
|Thomas Wolfensberger, Reto Garzetti, Thorsten Arsan and Stefan Feller
|+41 44 485 50 00
|SIX Swiss Exchange; Free Market in Berlin, Frankfurt, Stuttgart