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Renovation company Signa Geiwitz brings another restructuring expert to its team » Leadersnet

Renovation company Signa Geiwitz brings another restructuring expert to its team » Leadersnet

| Tobias Seyfried

| November 12, 2023

He is 56 years old and holds the position of CRO (Chief Restructuring Officer) at the important companies Prime and Development. A plan to rescue the struggling company is scheduled to be drawn up by the end of November.

Since 8 November 2023, Arndt Gewitz has been responsible for the restructuring strategy and implementation of the entire group as Chairman of the Advisory Board and Chairman of the Shareholders Committee of Cigna Holdings (leadersnet mentioned). Rene Benko succumbed to investor pressure, paving the way for the German restructuring expert. According to official information, Geiwitz will take charge of the interests of the Benko Family Private Foundation for the duration of the restructuring. This continues to retain a majority in the company. Cigna announced in a live broadcast that it is not yet possible to estimate how long this will take.

Ralph Schmitz becomes CRO

Having assumed these duties, Jewitz is now taking the next restructuring steps for the troubled group and is bringing in another restructuring expert to join him. Specifically, he appointed Ralf Schmitz to the new position of CRO (Chief Restructuring Officer). Schmitz has his own management consulting firm (Schmitz and Partner) and is responsible for the operational implementation of restructuring at Signa Prime and Signa Development as an additional member of the Board of Directors with the role of Chief Restructuring Officer/CRO.

“With Ralf Schmitz, we gain a leading expert and proven specialist in restructuring and merger matters for Signa,” Arndt Geiwitz says of the appointment. The 56-year-old managed to achieve success in his previous positions as CRO at Dihag AG, Steag GmbH Essen or IVG-Immobilien, he said in a broadcast on Friday.

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All areas on the test bench

The goal is to develop a plan of the basic steps to “rescue” Cigna by the end of November 2023 and present it to shareholders. These tasks will be handled carefully and reasonably. On the one hand, it is important to study all areas of the group, and on the other hand, to find long-term solutions.

“In the meantime, we need peace and order for the SIGNA Group, its partners, investors and employees. With this consistent next step, we create more confidence in the current situation. The quality of the SIGNA Prime portfolio is excellent, and the development prospects for “It is located in the best locations in very good German speaking cities.”