(RTTNews) - Deutsche Wohnen SE (DWHHF.PK) said Michael Zahn, CEO, has decided not to accept the offered appointment as Deputy CEO of Vonovia. Philip Grosse will join the Management Board of Vonovia as of January 1, 2022, in accordance with the business combination agreement of Vonovia and Deutsche Wohnen.
Michael Zahn stated: "I would have liked to accompany the employees on the next stage. In the past few months since the decision to merge, however, I have realized that after 14 years as CEO of Deutsche Wohnen, I would not have been able to drive the integration as impartially and objectively as it is my own standard."
Vonovia SE holds a majority stake of around 87 percent in Deutsche Wohnen SE.
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