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.