This article is from the Australian Property Journal archive
LISTED builder Simonds Group is searching for a new CEO following the resignation of Matthew Chun, the third executive to leave the company following the recent restructure.
Chun has been a director of the group since its listing in 2014 and was appointed CEO in April last year.
He remains employed by Simonds but he will not be based in the company’s offices whilst a search is underway for a new CEO.
Chairman Iain Kirkwood thanked Chun for his contribution.
“Matthew took on the CEO role at a challenging time and has driven a turnaround of the business, resetting the business strategy to focus on profitable, sustainable growth,” he said.
Meanwhile the board has appointed Rhett Simonds, the grandson of the founder Gary Simonds, as interim CEO, effective immediately.
Simonds will be paid for his services as interim CEO monthly at the rate of $350,000 per annum. No other benefits or remuneration entitlements will apply.
Chun is the third executive to depart after the company announced a restructure of the board with the Simonds family gaining more seats.
Last month independent directors Susan Oliver and Michael Humphris stepped down along with Gary Simonds, who is retiring as chairman. He was replaced by his son Mark Simonds, who brought along four new directors to the board.
The board restructure comes after shareholders rejected Simonds and Roche families’ takeover bid in November.
Simonds pulled the plug on the proposal after shareholders rejected the 40 cents per share offer was rejected, which is substantially below the $1.78 float price.
The Simonds family pocketed $151 million from the listing of the homebuilding company in November 2014, which raised $161 million for the IPO. Its joint takeover bid to buyback the company from investors was approximately $42 million.
Australian Property Journal
