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Adler Hires Real-Estate Veteran as Chairman to Rebuild Trust (3)

Feb. 16, 2022, 11:57 AM

Adler Group SA appointed real-estate veteran Stefan Kirsten as chairman, part of an effort to regain trust after short sellers alleged misconduct that eroded the firm’s share price.

The former finance chief at Germany’s largest landlord, Vonovia SE, succeeds Peter Maser, who will become his deputy at the helm of the non-executive board. Adler surged as much as 5.1% in Frankfurt trading.

The appointment comes after the company said last month that its results would be delayed to give auditor KPMG more time to deliver a forensic report that examines allegations made by Fraser Perring’s Viceroy Research. The ...