Gerhard Niesslein has announced he will step down as CEO of IVG Immobilien at end-October for personal reasons. He will be succeeded by CFO Prof Dr Wolfgang Schäfers effective 1 November 2011 at the latest. Schäfers will extend his contract by three years to 31 December 2014, the company announced in a press release.

Niesslein took on the position of CEO at the end of 2008 at the height of the financial and economic crisis, followed shortly thereafter by Schäfers as CFO in February 2009. The duo were set four core restructuring goals: to restore IVG's financial stability, to finalise the Squaire project, to realign IVG’s business model for post-crisis period, and establish a new, team-oriented management.

These goals have now been achieved, according to IVG's supervisory board chairman Detlef Bierbaum. 'Dr Schäfers is looking forward to his new responsibilities and will continue the development of IVG with determination and drive. He will ensure continuity and transparency in the ongoing management of IVG.'

After stepping down, Niesslein will retain links with IVG as the new Chairman of the IVG Group Advisory Committee (Beirat) and will maintain his position as Chairman of the IVG Foundation.