Hypo Real Estate appoints new CEO

Axel Wieandt will take over from Georg Funke as chief executive of Hypo Real Estate Holding (HRE), Germany’s second-largest commercial property lender, on October 13.

Funke resigned on October 7, following a tumultuous period for the company. The German government announced a €50 billion rescue package for HRE on October 5 after banks and insurers withdrew their support for a €35 billion liquidity plan the previous day. Funke’s departure is the latest in a series of resignations from HRE, including those of Bo Heide-Ottosen, head of long-term funding and treasury, and Paul Leatherdale, chief executive of Depfa, HRE’s Irish subsidiary.

Wieandt joins from Deutsche Bank, where he has been global head of corporate investments since 2003. Kai Wilhelm Franzmeyer will also join HRE’s management board with responsibility for the treasury. Franzmeyer joins from Commerzbank, where he was group treasurer.