CPI Property Group’s CFO David Greenbaum has replaced Martin Němeček as CEO as part of a series of changes to the company’s top management. Executive director Zdeněk Havelka has been appointed to the newly created role of Chief Operating Officer, while Pavel Měchura, Group Finance Director, will continue as sole head of the finance division.
Němeček will continue with the company, focusing on high-value projects. “During his tenure as CEO, Martin Němeček led the Group through countless high-value strategic transactions and earned internal and external admiration for his superb corporate finance and real estate skills,” said David Greenbaum.
“Our new management structure will allow Martin to focus his energy on projects within the Group’s strategic objectives, including asset sales, debt repayment, and the further integration of IMMOFINANZ and S-IMMO.” Němeček had been in the CEO role for nearly a decade.
In other moves, Tomas Salajka has been appointed as a Managing Director (administrateur délégué) of CPIPG, while he remains Head of Acquisitions, Asset Management and Sales. Jan Kratina’s role as Director of CPI Hotels is unchanged.
In other CPI news, the company concluded a deal for the companies that own and operate the Sunčani Hvar Hotels on the Island of Hvar, Croatia. The buyer is the Abu Dhabi-based investor Eagle Hills. The purchase price has been placed in escrow where it awaits approval by the Croatian antitrust agency. “CPIPG continues to see strong investor interest in hotels as tourism and business travel have rebounded fully from the COVID period,” said Kratina.
Greenbaum pledged to reduce LTV levels in April after the company completed a series of “transformational” acquisitions.