LONGTIME CROMWELL DIRECTOR RETIRES

LONGTIME CROMWELL DIRECTOR RETIRES

CROMWELL Property Group (ASX:CMW) has announced the retirement of executive director Daryl Wilson as he pursues other interests.

Wilson joined the commercial property investment group in 1999 and was responsible for finance and funds management.

In recent years he has been involved with the development of a new investment product outside of the property sector.

The Cromwell board and Wilson came to the agreement that he should resign to pursue the new business venture outside of the company.

Chairman Geoff Levy says the company will continue to drive its property portfolio and funds management business.

Cromwell Funds Management Limited executive director Michael Blake will continue to build the company's $1.5 billion Australian funds management platform.

"The board wishes Daryl every success in the development and promotion of his new fund, and thanks him for the substantial contribution he made to the group over a period of 15 years," Levy says.

The real estate investment trust has interests in Phoenix, Oyster and Valad Europe businesses.

Wilson has retired as a director of Cromwell Property Securities Limited, Cromwell Corporation Limited and all subsidiaries.

His retirement became effective on February 25.

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