EQS-Adhoc
Peach Property Group changes Board of Directors and announces details of cost-cutting programme
EQS Group-Ad-hoc: Peach Property Group AG / Key word(s): Change of
Personnel
Peach Property Group changes Board of Directors and announces details
of cost-cutting programme
20.03.2015 / 18:38
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
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Press release
Peach Property Group changes Board of Directors and announces details of
cost-cutting Programme
- Reduction of Board of Directors to three members
- New President of Board of Directors nominated
- Programme to cut costs by CHF 2.5 million annually
- CEO forgoes part of fixed salary
Zurich, 20 March 2015 - Peach Property Group, a leading investor in
residential and commercial real estate, today announced changes on its
Board of Directors. The Board will be downsized from currently six to three
members. At the same time, Reto A. Garzetti, who has great property and
finance expertise, will be nominated for election as the new President of
the Board of Directors at the General Meeting to be held on 8 May 2015.
Reto A. Garzetti (55) studied business administration with an emphasis on
banking sciences / commercial and securities law at the University of
Zurich. He has dual Swiss/Italian citizenship. His work is focused on the
property, pharmaceutical and mechanical engineering sectors. He is a member
of several Boards of Directors of different companies in Switzerland and
the United States. Since 1999, Mr. Garzetti has been a partner and a vice
president of the Board of Directors of investment consulting company SE
Swiss Equities AG in Zurich. He is also a member of the Board of Directors
of global pharmaceutical company Siegfried Holding AG. Further Board of
Director memberships in the real estate area in Switzerland include Meili &
Peter Architekten AG, HFS Helvetic Financial Services AG as well as AGI AG.
In the United States, Mr. Garzetti is a member of the Board of Directors of
Southeastern Technologies Inc. and Setech Inc.
The Group's President, Dr. Corinne Billeter-Wohlfahrt, as well as the
members of Peach Property Group's Board of Directors, Dr. Christian Wenger
and Dr. Thomas Wolfensberger will not stand for re-election at the General
Meeting. Going forward, Dr. Thomas Wolfensberger will fully devote himself
Press release
Peach Property Group changes Board of Directors and announces details of
cost-cutting Programme
- Reduction of Board of Directors to three members
- New President of Board of Directors nominated
- Programme to cut costs by CHF 2.5 million annually
- CEO forgoes part of fixed salary
Zurich, 20 March 2015 - Peach Property Group, a leading investor in
residential and commercial real estate, today announced changes on its
Board of Directors. The Board will be downsized from currently six to three
members. At the same time, Reto A. Garzetti, who has great property and
finance expertise, will be nominated for election as the new President of
the Board of Directors at the General Meeting to be held on 8 May 2015.
Reto A. Garzetti (55) studied business administration with an emphasis on
banking sciences / commercial and securities law at the University of
Zurich. He has dual Swiss/Italian citizenship. His work is focused on the
property, pharmaceutical and mechanical engineering sectors. He is a member
of several Boards of Directors of different companies in Switzerland and
the United States. Since 1999, Mr. Garzetti has been a partner and a vice
president of the Board of Directors of investment consulting company SE
Swiss Equities AG in Zurich. He is also a member of the Board of Directors
of global pharmaceutical company Siegfried Holding AG. Further Board of
Director memberships in the real estate area in Switzerland include Meili &
Peter Architekten AG, HFS Helvetic Financial Services AG as well as AGI AG.
In the United States, Mr. Garzetti is a member of the Board of Directors of
Southeastern Technologies Inc. and Setech Inc.
The Group's President, Dr. Corinne Billeter-Wohlfahrt, as well as the
members of Peach Property Group's Board of Directors, Dr. Christian Wenger
and Dr. Thomas Wolfensberger will not stand for re-election at the General
Meeting. Going forward, Dr. Thomas Wolfensberger will fully devote himself
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