This article is from the Australian Property Journal archive
ASPEN Group has restructured its management board by dropping Angelo Del Borrello as part of its “cost management initiativesâ€.
Hawkins was an executive director and will takeover as managing director effective immediately in a move which the group said is consistent with recent cost management initiatives.
Aspen Group chairman Reg Gillard said the change followed significant consultation between the board and the executive management team.
“Angelo, as a co-founding director along with Gavin, has played a key role in the development of Aspen. On behalf of the board I would like to particularly thank Angelo for his significant contribution over many years and wish him every success in his future endeavours,” he added.
Del Borello was appointed to the role in October 2001. He is one of the highest-paid property chief executives. In FY09 he earned $1.9 million which was down from $2.7 million in the previous year.
At the same time, Aspen’s market capitalisation decreased to $267 million from $455 million.
The group recorded a 24.19% decline in operating profits to $33.2 million and a net loss of $64.7 million for FY09. Aspen also undertook a capital raising – bringing in $72.6 million which help reduce gearing from 38% to 30%.
Meanwhile Gillard said the group was on track to achieve the previously disclosed FY10 earnings and distribution guidance of 6.0 cps and 4.2 cps respectively.
“Looking ahead to FY11, we believe the group is well positioned to deliver growth in operating earnings on our FY10 expected result,” he concluded.
Australian Property Journal
