The workers and employees at GSW Immobilien have included their voices to the chorus of demands to seek the ouster of the German real estate firm's incumbent CEO. This follows investor calls for the same action, exacting more pressure on the company's supervisory board to take action when they meet on Tuesday.
One of the vociferous shareholders is PGGM, which claims that Bernd Kottman does not have the requisite experience in the field of managing residential real estate. As a result, the shares of the firm have dropped by nearly a third of its original value since Koffman's installation as CEO last March.
This is one of the rare times where shareholder dislike and mistrust has been showcased in a German firm. One such clear sign is the vote of no confidence upon Koffman passed last June 18. This was followed by a vote of dismissal against supervisory chief John von Freyend, who approved the choice of Kottman as CEO, did not meet the mandatory voting requirements to pass the measure.
In a statement dated last June 24, the workers' council of GSW urged both Kottman and von Freyend to resign in order to manage the damage resulting from the investor discord prevalent in the firm.
Join the Conversation