Signa terminates important manager and gives reorganizer Grossnig more power

Signa terminates important manager and gives reorganizer Grossnig more power
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Image: Wolfgang Spitzbart

The renovator Erhard Grossnig is taking over the role of spokesman for the board of directors in both real estate companies, which are to be further renovated and restructured, the company announced on Monday evening. Several Signa group companies had recently filed for bankruptcy.

According to the evening information, extraordinary supervisory board meetings of Signa Prime Selection and Signa Development Selection took place today. Herzberg was immediately relieved of his functions and “terminated without notice”. “The reasons for the dismissals are an urgent suspicion of gross violations of the duties as a board member,” said a Signa statement.

Grossnigg was appointed spokesman for the board of directors in the two companies at the two meetings. “The task remains the same: He will continue the reorganization and restructuring steps for the two real estate companies and act in close coordination with the supervisory board of these companies.”

More on the subject: Signa Prime is apparently preparing to file for bankruptcy

“Unfortunately, we had to make this decision and take this tough step. The suspicion was clear and left the supervisory boards no other choice,” lamented the chairman of the two companies’ supervisory boards, Alfred Gusenbauer. “Especially in challenging times, 100% trust in the people involved and unity in decisions is required,” the former SPÖ boss and Federal Chancellor was quoted as saying, who also praised the Signa portfolio highly.

The ex-politician has high hopes for Grossnig, an “outstanding expert and specialist in restructuring issues”. Grossnig had recently been brought into the ailing Signa in order to restructure the ailing corporate structure. “In the meantime, we need peace and order for these SIGNA companies, their partners, investors and employees,” said Gusenbauer. Today’s drastic step is intended to “create further trust in the current situation.”

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