Richard Homburg hands CEO reins to Jan Schöningh at Homburg Invest
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Richard Homburg hands CEO reins to Jan Schöningh at Homburg Invest
COO Richard Stolle also steps down to join Richard Homburg in private global
real estate venture
Shares issued: Class A - 17,034,489 Class B - 3,104,838
HALIFAX, NOVA SCOTIA, March 22, 2011 - Homburg Invest Inc. ("HII") (TSX: HII.A
HII.B) (NYSE Euronext Amsterdam: HII)announced today several important Board and
executive management changes. Founder and controlling shareholder Richard
Homburg has informed the Board of Directors that he will step down from his
roles as Chairman of the Board, Chief Executive Officer and Director at Homburg
Invest in order to focus on developing a privately owned global real estate
venture. He will be joined at the new firm by Richard Stolle, who is also
stepping down from his role of President and Chief Operating Officer at HII.
Jan Schöningh, who is currently President, North America, becomes President and
Chief Executive Officer of the Company. Michael Arnold CA Vice Chairman of the
Board of Directors will become Chairman of the Board of Directors, and Edward
Ovsenny will become Vice Chairman of the Board of Directors. Both Mr. Arnold and
Mr. Ovsenny have served the Board for more than 10 years. All board and
management changes are effective immediately.
"It has been a highly challenging eighteen months, and we have navigated through
it with many successes. Following the financial crisis three years ago, we
developed and executed our strategic plan to initially protect and then unlock
value for shareholders," said Richard Homburg. "We highlighted the value in our
Canadian assets by creating the Homburg Canada REIT, the value of which now
exceeds the total market capitalization of Homburg Invest. We consolidated our
holdings in the United States and in Germany we fully recovered our investment
in the Quelle property, which had previously been written down. The time is
right for someone new to step in and take our strategy to the next level. Jan
Schöningh is the right person for that job today."
Jan Schöningh joined the Homburg Group of Companies in 2007 as Vice-President,
Development of Homburg Canada Inc. He was named President of North America of
Homburg Invest in June 2009, where he has been responsible for the U.S.
portfolio, the Canadian development portfolio and in general management.
Mr. Schöningh possesses a strong track record in both real estate and hotel
management, in Canada and abroad. He worked previously with Fairmont Hotels and
the Walt Disney Corporation. Originally from the Netherlands, Mr.
Schöningh graduated with an MBA from the joint executive MBA program at McGill
University and HEC Montréal.
Mr. Schöningh said that his first priority will be to further develop and refine
HII's strategy with a view to ensuring that the Company's share price reflects
the full value of its assets in Canada, Europe and the United States.
"Richard Homburg is a strong, visionary leader," said Mr. Schöningh. "He built
HII into a leading global real estate company with a portfolio of landmark
assets in North America and Europe. He remains HII's largest shareholder and
maintains a keen interest in ensuring that HII delivers full value to its
shareholders. "I am grateful for being given this opportunity and I look forward
to working with our chief financial officer, Jamie Miles, and other members of
our management team."
Mr. Homburg thanked Mr. Stolle for his contribution to HII. "Richard Stolle has
helped steer HII through both our strongest growth periods and our most
challenging times. He understands global real estate like few others, and I
look forward to working with him as we launch a new global real estate venture,"
continued Mr. Homburg. Mr Stolle will continue as a consultant for the North
American, European and Baltic States portfolios until a new chief operating
officer is appointed.
HII will immediately initiate a search for one or more directors. The Company
will also initiate a search for a chief operating officer with strong global
real estate experience.
About Homburg Invest Inc.
Homburg Invest Inc. owns and develops a diversified portfolio of quality real
estate including office, retail, industrial and residential apartment and
townhouse properties throughout Canada, the United States and Europe. Its head
office is located in Halifax, Nova Scotia.
Forward-Looking Statements
This news release may contain statements which by their nature are forward-
looking and express HII's beliefs, expectations or intentions regarding future
performance, future events or trends. Forward looking statements are made by HII
in good faith, given management's expectations or intentions, which are subject
to market conditions, acquisitions, occupancy rates, capital requirements,
sources of funds, expense levels, operating performance and other matters.
Therefore, forward-looking statements contain assumptions which are subject to
various factors including: unknown risks and uncertainties; general economic
conditions; local market factors; performance of other third parties;
environmental concerns; and interest rates, any of which may cause actual
results to differ from the company's good faith beliefs, expectations or
intentions which have been expressed in or may be implied from this news
release. Forward-looking statements are not guarantees of future performance and
are subject to known and unknown risks. Information and statements in this
document, other than historical information, should be considered forward-
looking and reflect management's current views of future events and financial
performance that involve a number of risks and uncertainties. Factors that could
cause actual results to differ materially include, but are not limited to, the
following: general economic conditions and developments within the real estate
industry, competition and the management of growth.
For further information, please contact:
Roch Landriault
NATIONAL Public Relations
+1 514 843-2345
PDF version of the press release:
http://hugin.info/138798/R/1499023/434595.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Homburg Invest Inc. via Thomson Reuters ONE
[HUG#1499023]
Unternehmensinformation / Kurzprofil:
Datum: 22.03.2011 - 14:31 Uhr
Sprache: Deutsch
News-ID 52667
Anzahl Zeichen: 7503
contact information:
Town:
Halifax
Kategorie:
Business News
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"Richard Homburg hands CEO reins to Jan Schöningh at Homburg Invest"
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