Prime and Development

Annual general meetings at Signa Prime and Development

Former Chancellor Alfred Gusenbauer (l.), Signa restructuring board member Erhard Grossnigg (r.)(Bild: APA/HELMUT FOHRINGER)

The Annual General Meetings of the insolvent Signa companies Prime and Development approved the restructuring plans on Wednesday. The trustee solutions thus remain in place, as the two companies announced. The meetings also decided on the new composition of the supervisory boards. First and foremost, former Federal Chancellor and ex-SPÖ leader Alfred Gusenbauer, Wüstenrot CEO Susanne Riess-Hahn and ex-RBI CEO Karl Sevelda resigned from the boards.

The Annual General Meeting of the insolvent Signa Development approved the restructuring plan on Wednesday. The trustee solution thus remains in place.

Changes to the Supervisory Board
Karin Exner-Wöhrer, Claudia Badstöber, Michael Mitterdorfer and Martina Scheibelauer were newly elected to the Supervisory Board. Former Federal Chancellor and ex-SPÖ leader Alfred Gusenbauer, Wüstenrot CEO Susanne Riess-Hahn and ex-RBI CEO Karl Sevelda have thus left the board.

Former Chancellor Alfred Gusenbauer (l.), Signa restructuring board member Erhard Grossnigg (r.)(Bild: APA/HELMUT FOHRINGER)

Former SPÖ leader and former Federal Chancellor Alfred Gusenbauer(Bild: APA/HELMUT FOHRINGER)

Signa restructuring board member Erhard Grossnigg(Bild: APA/HELMUT FOHRINGER)

Alfred Gusenbauer makes his way to the Annual General Meeting shortly before 9 am.(Bild: APA/HELMUT FOHRINGER)

According to the insolvency administrator, Christoph Stadlhuber also resigned his mandate. Only the CFO of the German RAG-Stiftung, Jürgen-Johann Rupp, remains from the previous members. Claudia Badstöber and Martina Scheibelauer are also new to the Supervisory Board of Development.

The new appointments were made at the suggestion of Signa Holding.

Erhard Grossnigg most recently held a board position at Prime and Development, but recently announced his retirement. The board members are now to be replaced. According to informed sources, this will take place in the next few days.

"We have duly fulfilled our duties"
However, Gusenbauer did not see any failure on the part of the Supervisory Board members in connection with the demise of Signa. "We have fulfilled our duties properly," he said before the meeting. Deals were always evaluated and examined "with all due caution". He again attributed the insolvency of the network of companies around founder René Benko to the difficult economic conditions. However, poor management decisions had also contributed to this.

By resolution of the Annual General Meeting, there will be no remuneration for the 2023 financial year for the outgoing members of the Supervisory Board.

Finance Minister Magnus Brunner, asked about the fiduciary solution after a press conference, responded to a request for an assessment of the situation: "There is a lot to clarify, work through and question."