Peach Property Group’s CEO Thomas Wolfensberger will step down on May 24 after 16 years at the company.
Following Wolfensberger’s departure, Reto Garzetti, president of the board of directors, will become executive chairman and assume the operative management functions of the CEO. Wolfensberger will serve as an adviser to the group and will remain a major shareholder.
“We have achieved an extraordinary amount with our Peach Property Group over the past 16 years,” Wolfensberger said. “We have built up our portfolio from 0 to €2.6 billion [$2.9 billion], implemented many successful projects in three countries, and created an asset management platform that enjoys respect within the industry. Over a long period of more than 10 years, we were one of the most successful European real estate companies in terms of performance.”
He added: “The change in the macro environment that comes with high inflation in the E.U. is changing priorities and opportuniti
