For a "new beginning"

Quake at Signa: Gusenbauer retires

Former Chancellor Alfred Gusenbauer(Bild: APA/Roland Schlager)

The Chairman of the Supervisory Board of SIGNA Development Selection AG and Signa Prime Selection AG is leaving the insolvent companies. As was announced on Thursday, former Chancellor Alfred Gusenbauer will step down as Chairman of the Supervisory Board at the end of the next Annual General Meeting.

Gusenbauer will no longer be available for re-election, according to a company statement. The Management Board has been asked to make the necessary preparations.

Gusenbauer wants a "fresh start"
With the creditors' meeting, Signa Development and Prime will enter a new phase in their development. "This new beginning also requires a reorganization of the executive bodies in order to be able to face the future with renewed confidence", Gusenbauer is quoted as saying.

Former Chancellor Alfred Gusenbauer was recently heavily criticized for his work for Signa.(Bild: APA/Roland Schlager)

The former chancellor expressed his thanks for the "trusting cooperation" - even in difficult times. Gusenbauer wished Signa Development and Prime "all the best".

Gusenbauer sees responsibility with Benko
At the beginning of the year, the Social Democrat claimed that he had not made any mistakes as Chairman of the Supervisory Board and highly paid advisor to the most important companies in René Benko's ailing Signa Group. The Tyrolean real estate juggler was just as responsible for Signa's current decline as he was for its great rise, Gusenbauer recently said on Ö1's "Mittagsjournal".

Corona, the war in Ukraine and inflation had led to the bankruptcies. As a result, the ECB had raised interest rates by 4 percent within a year. "The basis is changing," said Gusenbauer. In addition, there was the "mistake" of focusing on trade as well as real estate "because we thought we could do better". "A lot of money was sunk into trading, which is now missing as the necessary liquidity for real estate."

The former chancellor did not want to comment in detail on the missing balance sheets and the immense sums he is said to have received. As reported, Gusenbauer also wants to remain a member of the SPÖ, as he still identifies with the values of social democracy. 

Complete withdrawal?
It is not known whether Gusenbauer's announcement is tantamount to a complete withdrawal. The 63-year-old is also on the supervisory board of Signa RFR US Selection, through which Benko acquired the Chrysler Building in New York.