Signa Removes CEO of Property Units, Alleges Violation of Duties

Signa dismissed the chief executive officer of its two main property units due to its strong suspicion he’d violated his duties as a board member.

The company’s supervisory board removed Timo Herzberg with immediate effect, and named Erhard Grossnigg as board speaker of both the Signa Prime Selection AG and Signa Development Selection AG units, it said in a statement Monday. Grossnigg, who was appointed to the board earlier this month, will oversee the company’s restructuring.

“The suspicion was clear and left the supervisory board with no other choice,” the company cited Supervisory Board Chair Alfred Gusenbauer as saying, without ...