FRANKFURT, March 6 German real estate group
Gagfah SA said on Thursday that Gerhard Zeiler would
replace Jonathan Ashley as chairman, reducing the number of
directors affiliated with former majority shareholder Fortress
to two, from three.
The board changes come in the wake of a change in the real
estate company's ownership profile, the company said.
In the second half of 2013, Fortress Investment Group sold
35 million Gagfah shares, reducing their stake from more than 60
percent down to about 41 percent.
"In light of these developments, the Board of Directors
feels that now is the right time to make the change within the
Board," Gagfah said in a regulatory filing on Thursday.
Zeiler will succeed Fortress affiliate Jonathan Ashley, who
intends to resign from the Board on March 25, 2014.
Gagfah said Zeiler is an Austrian media manager and
currently President of Turner Broadcasting System International,
a Time Warner Company.