09:06 AM EDT, 05/19/2025 (MT Newswires) -- Paramount Group ( PGRE ) said Monday its board is reviewing strategic options to boost shareholder returns and named Ermelinda Berberi as chief financial officer and treasurer, effective immediately.

The company said it has hired BofA Securities and Latham & Watkins to advise on potential alternatives, and formed a board committee of independent directors to oversee the process.

Paramount said Berberi, who has been Paramount's chief accounting officer since 2017, succeeded Wilbur Paes, who has stepped down from his roles as CFO and chief operating officer.

Paramount did not provide any details about a successor for the COO role.

Timothy Dembo was appointed general counsel and secretary, succeeding Gage Johnson, Paramount said.

Shares of Paramount Group ( PGRE ) were up more than 4% in recent premarket activity.