This article is from the Australian Property Journal archive
GEO Property Group announced that CEO Guy Farrands, who took over the company during the financial crisis and steered its separation from MFS, will not renew his contract.
Farrands has told the board that that due to personal reasons requiring a relocation to Sydney he will not seek to renew his contract when it expires on 31 March 2011.
Farrands tookover GEO after he left as senior executive of Valad Property Group, reportedly due to a fallout with other directors.
“Guy joined the group in August 2007 at a time when the business was facing considerable challenges,” GEO Property Group chairman Richard Anderson said.
“The group was then associated with MFS Limited and was under considerable financial and operational pressure. He has ensured GEO’s financial independence and long term future after successfully leading the buyout.
“Throughout his tenure Guy has undertaken an extensive change management program, successfully refinanced the group twice, completed a major asset sale program and completely restructured GEO in very difficult business and credit conditions,” he added.
Farrands said his time with the company has been challenging and rewarding.
“The board and senior management team have worked hard throughout the last four years to ensure the long-term success of the group. I would like to thank the GEO’s staff and the Board for its guidance and strong support,” Farrands said.
Anderson said the board will immediately commence a search for a replacement who will remain with the group until a suitable replacement is found.
Australian Property Journal
