PARIS (Reuters) - Property group Gecina GFCP.PA plans to replace its current CEO Bernard Michel with Generali’s (GASI.MI) Philippe Depoux, two sources familiar with the matter told Reuters, in the latest sign of upheaval at the French company.
Michel, who has just turned 65, was due to relinquish his post in the coming months because of the company’s mandatory retirement age of 65 and will remain chairman.
Gecina is in the throes of a shareholder shake-up after its two key Spanish shareholders filed for bankruptcy in October. Investment fund Blackstone (BX.N) and Canadian real-estate fund Ivanhoe Cambridge have since bought more of the company’s debt.
“(Generali Real-Estate France Head) Philippe Depoux is set to be named as the next CEO of Gecina,” one of the sources said.
Reporting by Matthias Blamont and Lionel Laurent; Editing by Elena Berton