PROPERTY VETERAN STEPS DOWN AFTER 12 YEARS ON THE JOB

PROPERTY VETERAN STEPS DOWN AFTER 12 YEARS ON THE JOB

LONG-TIME Villa World (VLW) managing director John Potter (pictured) today announced his resignation from the ASX-listed property developer.

The industry veteran has spent more than 12 years on the board of VLW, which was formerly known as GEO Property Group.

He will be succeeded by executive chairman Craig Treasure, the former director of Sunland Group with 25 years’ experience in property development. Treasure has been with the company since February 2012.

Potter says he will pursue his own business interests after his retirement from VLW comes into effect on October 5.

“While not an easy decision given the growth potential of VLW’s business, with the substantial property expertise Craig Treasure brings to the company combined with VLW’s strong management team, I believe the company is in good hands to enable me to step aside and focus on my own personal business interests,” he says in a written statement.

Potter led VLW from 2000 to 2003, and moved to a non-executive director role until March 11, before taking the managing director role.

The company says he will not receive any termination or retirement benefits.

VLW shares this afternoon increased by almost 1 per cent to 78 cents per unit.

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