Neinor Homes approved its business plan for 2019-2023, which cuts in 52% its EBITDA predictions for the next three years. The cut contemplated in the new plan also affects the volume of houses delivered.
Its previous plan estimated the deliverance of around 2.000 houses in 2019, versus the 1.200 – 1.700 estimated in the current plan. The number of houses the company expects to deliver within the next three years was also reduced to approximately 2.000, which represents a 50% drop.
In terms of the changes in the management team, Neinor Homes nominated Borja García-Egotxeaga as the real estate company’s new CEO and Jordi Argemí as Deputy Managing Director. Both already worked in the company. The first one was Chief Operating Officer and the second one was the company’s CFO.
Also, fund Adar Capital, which has nearly 30% of the company’s shares, takes over management, by placing its representative Jorge Pepa, until now their nominated director, as executive vice-president, «with the goal of forming a clear bridge to unite the managing team, the board and the shareholders», according to the company itself.
Juan Velayos, who until now was the company’s CEO, resigned but will remain at Neinor Homes as a Senior Advisor.