Swedish property company Castellum's nomination committee has proposed Ralf Spann, the chief executive of its largest shareholder Akelius Residential Property, as its new chairman.
The proposal will be voted on at an Extraordinary General Meeting on July 18, which Akelius had demanded in order to overhaul the company's board.
The demand for a new board prompted the resignation of former Chair Louise Richnau, who said Akelius had shown a lack of confidence in the board's handling of the CEO recruitment process, leading the company to pause its search for a new chief.
The committee's proposal would see Spann and four other new directors join the board, replacing Richnau and three other members.
According to the company, all proposed new directors are considered independent except for Spann.
Two current directors, Anna-Karin Celsing and Henrik Käll, are proposed to remain on the new seven-member board.
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