Instone appoints new chief financial officer

Foruhar Madjlessi has been appointed as chief financial officer (CFO) of Instone Real Estate Group.

Current CFO, Oliver Schmitt, will step down from the management board of the Essen-based project developer at his own request and by mutual consent from end of this calendar year.

Madjlessi, 51, is a business engineer and will join Instone following 12 years at Deutsche Bank, where he served as managing director, responsible for enterprise content management in Germany, Austria and Switzerland. His previous roles include various positions at Merrill Lynch in Frankfurt, London and New York.

'His many years of experience in the area of corporate finance, his excellent personal network in the international investor scene and his extensive expertise, particularly when it comes to listed companies, will be important factors in Instone’s successful, future-oriented expansion,' said Kruno Crepulja, CEO of Instone.

'Oliver Schmitt played a significant role in the merger of formart and GRK to create Instone Real Estate Group and the company’s successful IPO early this year,' said Stefan Brendgen, chairman of the supervisory board of Instone Real Estate Group.

'We wish him all the very best for the future both personally and professionally.'


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