Avrig 35 CEO steps down

Alexander Hergan (63), one of the most discrete real estate investors in the local market has stepped down as chief executive of Avrig 35 group, the developer of Charles de Gaulle Plaza and Bucharest Tower Center. He will be succeeded by Haydn Wright (47).

Avrig 35 group said yesterday Alexander Hergan (photo) will be succeeded by Haydn Wright as CEO of the group. The new executive has 25-year experience in real estate, financing and company restructuring in several emerging markets. Wright was appointed at the helm of Avrig 35 at the recommendation of Taverners, one of the institutional shareholders of Avrig.

Contacted by Wall-Street, Alexander Hergan refused to comment in any way his departure from the company. “I have nothing to say”, was the official position of the investor.

Another measure undertaken by the real estate company envisages the formation of a management team to handle the restructuring of the group, following the recent economic developments in Romania. Matthew Proskine, incumbent marketing and sales director and son of one of Avrig 35 shareholders was named vice president, same as Ian Beatty who represented Avrig shareholders for the past four years.

“Mr. Hergan will remain as a shareholders of Avrig 35, this being only a change of management, made in an effort to have a better response to market realities. The changes are effective as of today”, Matthew Proskine told Wall-Street.

The team will focus on the completion of projects: Avrig 7 Business Center (a 30.000-sqm office building in Obor area), World Class Gym (in the Iris Shopping Center project in Titan) and Pallady Shopping Center ( let by Auchan and Decathlon), the company said in a press release.

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