LEG Immobilien : Supervisory Board extends Management Board mandates

In agreement with Lars von Lackum (45), the Supervisory Board unanimously resolved to prematurely terminate his appointment at 31 December 2020 and to reappoint him as a member of the Management Board and company CEO for the duration of five years, i.e. until 31 December 2025, effective 1 January 2021.

The Chairman of the Supervisory Board of LEG Immobilien AG, Michael Zimmer, commented: 'The Supervisory Board believes that Lars von Lackum has positioned the company for the future and continued to develop it since taking office in July 2019, laying the foundations for steady growth and optimization of the Group in the years ahead. Given this, I am delighted that the Supervisory Board and the company will be able to count on Lars von Lackum's foresight and strong leadership in the future, too.'

The current appointment of Dr Volker Wiegel (44) as a member of the Management Board was also cancelled by mutual agreement. At the same time, he was appointed as a Management Board member for another three-year term starting from 1 January 2021, i.e. until 31 December 2023. 'Volker Wiegel established new, relevant operating processes and launched long-term projects to boost operating efficiency. We are already seeing visible results and so the Supervisory Board is continuing to expressly support the course taken by Volker Wiegel,' said Michael Zimmer. Wiegel has been COO since July 2019.

No changes are being made to the three-year term of Susanne Schröter-Crossan, who has been Chief Financial Officer of LEG Immobilien AG since July 2020.

The Chairman of the Supervisory Board summed up, 'These personnel decisions further strengthen the trust placed in LEG Immobilien AG's performance by shareholders, staff and - last but not least - our customers. The Supervisory Board is looking forward to addressing the challenges that lie ahead in the next few years with an experienced Management Board team at its side.'

About LEG

With around 145,000 rental properties and approximately 400,000 residents, LEG is one of Germany's leading listed housing companies. The company has seven branch offices in its heartland in North Rhine-Westphalia and is represented by local personal contacts at selected locations in other western German states. LEG generated income of around EUR 809 million from its core rental and lease business in the 2019 financial year. As part of the new construction campaign it launched in 2018, LEG wishes to make a social contribution towards creating both privately financed and publicly subsidised housing, and to build or acquire at least 500 new apartments per year from 2023 onwards.

Investor Relations contact:

Frank Kopfinger
Tel. [phone]
E-Mail: frank.kopfinger[at]­leg.ag

Press contact:

Sabine Jeschke
Tel. [phone]
E-Mail: sabine.jeschke[at]­leg.ag

Disclaimer

This publication constitutes neither a solicitation to buy nor an offer to sell securities. To the extent that we express forecasts or expectations or make forward-looking statements in this document, these statements can entail known and unknown risks and uncertainties. These statements reflect the intentions, opinions or current expectations and assumptions of LEG Immobilien AG. The forward-looking statements are based on current planning, estimates and forecasts, which LEG Immobilien AG has made to the best of its knowledge, but that are not a statement on their future accuracy. Actual results and developments can therefore differ materially from the expectations and assumptions expressed.