As of 15 November 2020, Tomas de Vargas Machuca is stepping down from the Management Board of ADLER Real Estate AG. He had been responsible for the company's capital market activities as Chairman of the Executive Committee since 2013, and took over the position of Management Board member and co-CEO in December 2017. The other members of the Management Board will remain unchanged, with Maximilian Rienecker as sole CEO and Sven-Christian Frank as COO of the company.