A member of the board of directors of Credit Suisse assumes another supervisory mandate at a real estate company based in Zurich.
Christian Gellerstad is to be elected to the board of directors of the real estate company Investis in place of the retiring Riccardo Boscardin, according to a statement on Wednesday. In addition, Thomas Vettiger, already a member of the board of directors, is to become the new chairman of the board. The annual general meeting will be held on April 27, 2021.
Gellerstad serves as an independent board member. A dual Swiss-Swedish citizen, he is best known in the industry as a long-time alumnus of Geneva-based private bank Pictet, for which he worked for more than 20 years. Since 2019, he has been a non-executive director of Credit Suisse, among other positions.
Boscardin guided Investis Group during its IPO and has been chairman of the board since 2016.
Higher Dividend
Investis posted sales of 179 million Swiss francs ($191 million) in 2020 (previous year: 188 million francs). The 4.7 percent net decline was due to the exit from serviced apartments and the sale of subsidiaries in the real estate services segment in fiscal 2019.
Net income was 114 million francs (2019: 173 million francs). Net profit excluding revaluation effect reached 45 million francs. The comparative figures from 2019 were marked by the one-time release of tax liabilities and gains on the sale of subsidiaries, Investis specified. For 2020, the company plans to pay a dividend of 2.50 francs (previous year: 2.35 francs).
