Two leading ASX-listed property companies have effectively announced a chief financial officer (CFO) swap this week, although one will be promoted to the role of CEO after making the switch.
It was revealed today that GPT Group (ASX: GPT) CFO Anastasia Clarke has resigned and will be taking on the same position at rival company Charter Hall Group (ASX: CHC) in February next year.
The news comes just four days after Charter Hall Group (ASX: CHC) CFO Russell Proutt quit to become CEO of GPT Group , with a start date no later than 25 March next year to replace longstanding leader Bob Johnson, who announced his intention to retire in February.
Charter Hall highlights Clarke's deep understanding of all aspects of real estate, including listed corporations, funds management, investment, asset management, development and construction, that supports this appointment.
"We welcome Anastasia to Charter Hall as Group CFO and to our deeply experienced executive committee," says Charter Hall's CEO David Harrison.
"With a long history of 25 years within the property industry holding positions at LendLease, Dexus and most recently GPT, we look forward to Anastasia joining our Group and adding considerable value in her new role."
GPT Group's CEO Bob Johnston, who will continue in the job until Proutt starts, says Clarke leaves a strong legacy and wishes her well in the future.
"Anastasia has made an outstanding contribution to GPT having served as the Group’s CFO for the last eight years," he says.
Both based in Sydney, GPT Group and Charter Hall have market capitalisations of $7.5 billion and $4.5 billion respectively. Two Charter Hall-affiliated funds have a combined 0.4 per cent stake in GPT Group according to the company's 2022 annual report published in February.
This is not the first time that either company has hired a rival's former employee. GPT Group non-executive director Anne Brennan was a director at Charter Hall for more than a decade until 2021, Charter Hall's office CEO Carmel Hourigan was chief investment officer at GPT Group for three years, and Charter Hall director David Ross is a former CEO of GPT Group.
Earlier this week, GPT Group chairman Vikki McFadden expressed the board's delight to be appointing Russell Proutt as the new CEO.
"The board conducted an extensive selection process and is confident Russell has the leadership capability, strategic insight and track record to lead GPT through its next phase of growth and will bring a strong focus on long term value creation for investors," she said.
"It is a privilege to be appointed as CEO of GPT, a leader in the Australian property industry," added Proutt.
"GPT has a proud history and an established platform with $32 billion of assets under management. There is an exciting future ahead for GPT and I am committed to working with the Board, Leadership Team, employees and stakeholders to continue to position the business to create long term value for securityholders," he said.
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