Adler Chair Exits in New Blow for Embattled German Landlord
- Resignation comes weeks after court rejected turnaround plan
- Stefan Kirsten became Adler chair after a short-seller attack
Source: Andreas Teichmann/Teichmann/ Laif/Getty Images
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Embattled German landlord Adler Group suffered a new setback as Chairman Stefan Kirsten resigned, just weeks after a UK court rejected the indebted company’s €6 billion ($6.5 billion) turnaround plan.
Board member Stefan Brendgen will fill in as chairman, according to a statement on Monday and the company has arranged a call with analysts and investors at 2 p.m. Berlin time. Kirsten cited health reasons for his departure.