FKP Property Group (ASX: FKP) has promoted chief operating officer, Geoff Grady, to CEO.
The appointment has come from within the company after a 10-month search for a replacement to long-time former managing director and CEO Peter Brown, who retired in August.
Grady is a well-respected member of the business and his appointment has been met positively by investors this morning. His immediate priority will be to close the gap between FKP’s security price and net tangible assets.
“It is an exciting time for FKP, with a significant opportunity to build security holder value as we focus on our retirement operations,” says Grady in a statement to the ASX this morning.
“We have solid foundations in place that have been set by the Executive Chairman over the past 10 months and I am honoured to have been selected to complete FKP’s transformation.”
The former chief operating officer will take up his new post on Monday and will also be appointed as an executive director to the board of the Brisbane-based company, but will be based in Sydney.
He will receive a fixed remuneration of $550,000 per annum, inclusive of superannuation as well as short and long term performance incentives.
Grady began his career at KPMG in 1986 prior to joining Mulpha Australia as chief executive officer at Sanctuary Cove in 2002. He joined FKP in March 2009 as chief operating officer.
His appointment follows an extensive 10-month search for a replacement for Mark Jewell.
Seng Huang Lee relinquishes his role as executive chairman, a position he has held since August to resume his role as non-executive chairman of FKP.
“The board has conducted a search over the past 10 months to identify the ideal candidate to lead the Group into its next phase. We were unanimous in our view that Geoff is that candidate given his experience in the business and energy to lead the group as we progress our strategy of becoming a pure play retirement business,” says Huang Lee.
“Geoff has extensive experience in senior leadership roles and has a strong understanding of the retirement sector. He is well-suited to execute and communicate the Group’s strategy of streamlining and focusing the business on its retirement operations-a strategy that has been in place since August last year.”
The company was up 1.25 per cent this afternoon, with the share price at $1.22 per unit.
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