This article is from the Australian Property Journal archive
GPT has appointed global property and finance executive Russell Proutt as the new CEO to replace Bob Johnston.
Proutt brings over 30 years’ experience in commercial property and finance, including most recently as chief financial officer at Charter Hall and prior to that at Brookfield Asset Management.
Proutt has resigned from GPT and said it is a privilege to be appointed as CEO of GPT.
“GPT has a proud history and an established platform with $32 billion of assets under management. There is an exciting future ahead for GPT and I am committed to working with the board, leadership team, employees and stakeholders to continue to position the business to create long term value for securityholders,” he added.
Charter Hall CEO David Harrison thanked him for his six years of service.
“We will initiate a process to recruit a replacement CFO and make an announcement when this has been completed. Proutt’s employment contract has a 6-month notice period and standard non-compete and non-solicitation provisions.” Harrison said.
GPT’s chairman Vickki McFadden said the appointed followed an extensive search.
“The board conducted an extensive selection process and is confident Russell has the leadership capability, strategic insight and track record to lead GPT through its next phase of growth and will bring a strong focus on long term value creation for investors,” said McFadden.
Proutt is expected to start with GPT no later than 25 March 2024 and will work with outgoing CEO Johnston to ensure a smooth transition.
“On behalf of the board I would like to thank Bob for his ongoing dedication and leadership of GPT. Bob has made an outstanding contribution to GPT, successfully leading it through a period of significant growth, and designing and implementing changes to its strategy, structure and portfolio mix that has positioned the Group for continued success. He leaves a positive legacy for Russell to build upon.” McFadden continued.
Johnston said, “It has been an honour and privilege to have been the CEO of GPT for the past eight years and I would like to congratulate Russell on his appointment as CEO. I am confident in the future of GPT under Russell’s new leadership.”
