“During his tenure as CEO, Martin Němeček led the Group through countless high-value strategic transactions and earned internal and external admiration for his superb corporate finance and real estate skills,” said David Greenbaum. “Our new management structure will allow Martin to focus his energy on projects within the Group’s strategic objectives, including asset sales, debt repayment, and the further integration of Immofinanz and S Immo.”

“I am incredibly proud to have played a role in CPIPG’s transformation from a local champion into a European leader over the past decade, and I look forward to working with David and the rest of the senior management team going forward,” said Martin Němeček. “My new role is an exciting opportunity to tackle the Group’s most important priorities as we continue to thrive and evolve.”

Zdeněk Havelka, currently executive director of the Group, has also been appointed to the newly created position of Chief Operating Officer (COO). Zdeněk has been with the Group for more than 20 years, has already been driving many aspects of CPIPG’s operations, and will formally assume some of Martin’s internal responsibilities.

Pavel Měchura, Group Finance Director, will remain in his role and will become the sole head of the finance division.

Tomas Salajka, Head of Acquisitions, Asset Management and Sales, has been appointed as a Managing Director of CPIPG. His role and the role of Jan Kratina, Director of CPI Hotels, are otherwise unchanged.

All these corporate and management changes are effective from 21 November 2023.

“CPIPG draws great strength from our senior management team, which has been together for many years,” said Edward Hughes, Chairman of the Board of Directors. “We wish David, Martin, and Zdeněk the best in their new roles and are confident the transition will be seamless.”