On January 14, 2022, GTC announced that President of the Management Board Yovav Carmi is stepping down from his current position by mutual agreement.
According to the company, Carmi served the company for over 20 fruitful years, performing various functions, including a post on the Management Board. He served as Chief Financial Officer and Member of the Management Boards of many of the Group’s foreign subsidiaries since 2001 until becoming a member of the Management Board of the GTC SA between 2011 and 2015 and then Chief Operating Officer between 2015 and 2020. Starting with 2020, he became Chief Executive Officer and the President of the Management Board at GTC SA.
With Carmi as President of the Board, “GTC put a lot of effort into optimizing its portfolio, focusing on sustainable investments in key CEE markets, while disposing of outdated assets. 2021, was a year marked by a landmark sale of a standing office portfolio in Belgrade, including such properties as Green Heart, FortyOne, Belgrade Business Center, 19 Avenue, and GTC House. The transaction valued at EUR 267.6 million, above the book value, became one of the biggest transactions of its kind in the CEE region. Moreover, the company made major purchases in Hungary, where it invested almost EUR 310 million in income-producing assets. In addition, a number of projects were completed in Zagreb and Sofia, and new developments commenced in the center of Sofia and Belgrade. Finally, with Yovav Carmi as CEO, GTC published its first-ever ESG report, marking the company’s approach to sustainability and summarizing the 25 years of the Group’s activity in this area on the six CEE markets,” a company press release stated.
“I would like to thank Yovav Carmi for over 20 intensive years that he dedicated to our company,” commented GTC Supervisory Board President Zoltan Fekete. “As a developer, property owner, investor, and employer, GTC has become a recognized leader that has already made history in CEE, with Yovav leading the company through its critical milestones. From turning Globe Trade Centre into a sustainability-powered developer with best-in-class ESG practices to re-establishing the company’s brand in the eyes of investors and tenants, Yovav’s effort and dedication will be fueling GTC’s development for many years to come. While we will continue to build upon our strategy of strengthening relations with key stakeholders and fostering a tenant-first approach with environmental aspects in mind, I wish Yovav many successful years ahead as he departs.”
“I am truly grateful for the thrilling yet successful adventure I had with GTC that lasted 20 years,” added Carmi. “No words can describe the pride I feel for the great efforts of our team who have made all the achievements possible. I am positive as long as truly dedicated real estate professionals, who are at the core of the company now, will continue to apply GTC’s values into everything we do – be it portfolio development, investor relations, sustainable development, ESG reporting, or taking care of tenants and our immediate communities – the company will continue to grow and surprise stakeholders with new remarkable results.”