‘Position top Unibail seems to be untenable’

Unibail-Rodamco-Westfield (URW) should soon be looking for a new top man and financial director. According to Le Journal Du Dimanche, the position of the current top of the company seems to be untenable due to the failure of a planned share issue worth 3.5 billion euros.

The French weekly is counting on top man Christophe Cuvillier and his financial right-hand man Jaap Tonckens to announce their departure within a few days. But it is not clear on which sources exactly the medium bases this. The most obvious successor to Cuvillier is named Jean-Marie Tritant, the head of the American branch of URW.

The company listed on the Amsterdam stock exchange suffered a severe setback last week when the shareholders voted against the large share issue. On Friday, President Commissioner Colin Dyer resigned. He was immediately succeeded by Lรฉon Bressler. Dyer will remain commissioner at URW.

Investorers‘ organisation VEB previously spoke of a motion of censure of the management of URW, and immediately assumed that this could not be without consequences. โ€œShareholders who are so opposed to an issue of shares have not been shown before,โ€ said VEB.

In recent weeks, there has been a lot of criticism from various shareholders about URW’s plans to sell shares. With the proceeds URW wanted to reduce the debt burden more quickly, but also indicated that it was not in acute money.