Signa top manager Timo Herzberg has been terminated without notice with immediate effect. This is reported by the company network of the criticized Austrian investor René Benko. The decision was made on Monday evening in Vienna at an extraordinary supervisory board meeting of Signa Prime Selection AG and Signa Development Selection AG, whose CEO Herzberg was.
“The reasons for the dismissals are an urgent suspicion of gross violations of the duties as a board member,” explained Signa – without giving further details. Erhard Grossnigg was appointed as spokesman for the board of directors in both companies at both meetings. He will continue the reorganization and restructuring steps for the two real estate companies in close coordination with the Supervisory Board.
Herzberg’s termination is intended to create new trust
Supervisory board member Alfred Gusenbauer justified Herzberg’s termination by saying that, especially in the current challenging times, 100 percent trust in the people involved and unity in decisions are required. “Unfortunately we had to make this decision and take this hard step.” The suspicion was clear and left the supervisory board “no other choice,” said Gusenbauer.
Signa Holding filed for insolvency in Vienna at the end of November. The most important properties and construction projects in the Signa portfolio belong to Signa Prime – including the currently standstill Elbtower construction project in Hamburg, the KaDeWe in Berlin and department store properties from the Galeria Karstadt Kaufhof chain.