The Supervisory Board of Vastned Retail N.V. announces that Chief Financial Officer Tom de Witte will leave the company as of 1 January 2015. This decision has been made by the Supervisory Board in close consultation with Tom de Witte.       

In the meantime, Tom de Witte will continue his responsibilities as CFO and stay on as a member of the Board of Management. This will give the Supervisory Board ample time to arrange for appropriate succession. 

Wouter Kolff, Chairman of the Supervisory Board: ‘We are very grateful to Tom for his efforts over the past eleven years including his contribution to the sale of Vastned Offices/Industrial to NSI, the execution of the new strategy of Vastned during the past two years, and the sale of the non-core Spanish shopping centres. Considering Tom’s long tenure the Supervisory Board has decided it is time for a change and a new CFO, who will lead Vastned into the next phase together with the current CEO. Tom will continue until a successor has been identified and a smooth transfer of responsibilities has been ensured.’

Tom de Witte’s severance payment totals 1.5 times his current fixed base salary. This payment, which is higher than indicated by the Dutch Corporate Governance Code, partially compensates Tom de Witte for the rights under his pre-Code agreed employment contract, which is for an indefinite period of time.