BFW Real Estate: Beat Frischknecht remains CEO
At its meeting on June 13, the Board of Directors of BFW Liegenschaften appointed Beat Frischknecht as CEO. He had already held the position ad interim after Reto Borner left the company in March.
Beat Frischknecht has been Chairman of the Board of Directors of BFW Liegenschaften since the 2017 Annual General Meeting. He now assumes the office of Chief Executive Officer (CEO) on a mandate basis, having taken over the chief position from Reto Borner on an interim basis at the end of March this year. Borner headed the real estate company for a total of more than seven years as CFO and CEO and decided to leave the company in the spring.
Frischknecht, who built up the various companies of BFW Liegenschaften from 1992, already held the operational management of the company from 2000 to the end of April 2006 and from July 2012 to the end of March 2017. In addition, as a member of the Board of Directors, he was involved in the acquisition and divestment process of the portfolio properties in the past years.
The Board of Directors of BFW Liegenschaften has also decided to change the accounting from IFRS to Swiss GAAP FER for the current financial year with effect from January 1, 2018. The reason for this is the increasingly complex and restrictive application of the IFRS standard in recent years, according to the Board of Directors. In contrast, Swiss GAAP FER pursues a more pragmatic approach that is better tailored to the needs of small and medium-sized companies with a national focus - such as BFW Liegenschaften. The changeover is not expected to result in any significant changes in equity, earnings and valuations, the statement continues. The Board of Directors also emphasizes that the company's shares will remain listed on the SIX Swiss Exchange and will continue to be a component of the Swiss Performance Index (SPI).
