BERLIN, Oct. 7 (Xinhua) -- Axel Wieandt Tuesday replaced Georg Funke to became the CEO of Hypo Real Estate (HRE) that has recently received huge fund from the German government's bailout plan.
HRE confirmed Axel Wieandt as its new chief executive officer after a supervisory board meeting on Tuesday evening. Earlier that day its former CEO Georg Funke resigned for the sake of 50 billion-euro (68 billion U.S. dollars) bailout plan, the biggest since World War II.
Wieandt was a high officer in Deutsche Bank, responsible for corporate development and strategy. He was nominated by the group of banks that joined in the massive Hypo Real Estate's bailout plan.
Funke has been in charge of HRE since it was separated from HypoVereinsbank in 2003 to concentrate on property lending. Under his leadership, HRE joined Germany's blue chip DAX index three years ago.
However, criticism against Funke began to spread at the beginning of 2008 and was much strengthened after HRE was forced to seek help from the government to pass through the crisis.
After HRE announced a statement on Tuesday that Funke will leave immediately, its stock price increased 4.3 percent in Frankfurt stock market.
HRE was the second largest property lender in Germany, which has been pushed to the edge of bankruptcy by the current financial crisis. In order to save it, on Monday German government and the country's banks and insurers have offered another 50 billion-euro rescue package, after a failure of a 35 billion-euro rescue package set last week.
