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Real estate developer Peet Ltd (ASX:PPC) has informed investors of changes to its executive team, with managing director and CEO Brendan Gore stepping down after 20 years with the company.
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Mr Gore’s leadership has helped guide Peet through a number of transformational transactions. These have included its acquisition of CIC Australia – which involved the expansion into new markets of NSW/ACT and South Australia, the joint venture and later acquisition of the Flagstone project, and the acquisition of University of Canberra project.
Commenting on the move, he said the time was right for him to step down and pursue other interests.
“To ensure an orderly transition and business continuity, the Board and I have agreed that it is in the best interests of the company that I continue through to the end of the current
financial year, and step down from my roles on 1 July 2025,” Mr Gore said.
“When stepping into the managing director and CEO role, my first priority was to set a clear strategic direction for the company. Throughout the past 20 years as we’ve evolved and adapted our strategy, the Group has seen considerable growth and I’m proud of the strong position that Peet is in today.
“It has been incredibly rewarding to have worked alongside an outstanding team at Peet where, together, we have not only achieved much success but we have also managed the company through some extremely challenging times such as the Global Financial Crisis, Banking Royal Commission and COVID.”
Peet now intends to engage a suitable advisor to assist it in undertaking an orderly executive and director search. Brett Fullarton – who has been Chief Financial Officer since 2013 – will take on the role of interim CEO once Mr Gore steps down from his role and throughout the ensuing executive search.
Peet shares have fallen since the news, and at 12:26 AEST, they were trading at $1.57 – a drop of 3.99% since the market opened.
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