This article is from the Australian Property Journal archive
PAUL Weightman, one of the original founders of Cromwell, will retire at the end of this month, as a Gary Weiss and ARA Group takeover of the listed property giant looms in 2021.
Weightman’s retirement comes after a second strike against the group’s remuneration report last month which has resulted in at least three executive departures so far and Weiss being elected to the board.
Up until this week, chairman Leon Blitz was biggest scalp claimed by the board spill when he was replaced by Jane Tongs, whilst deputy chairman Andrew Fay and director John Humphrey also exited following the combative AGM.
Tongs yesterday thanked Weightman for his contribution and said: “Paul was one of the original founders of the business back in 1998 and his track record, as one of the longest serving CEOs of an ASX listed entity, is unparalleled.”
“On behalf of the Cromwell Board and Cromwell securityholders, I would like to acknowledge his longstanding contribution and thank him for his dedication and hard work over more than two decades,” she added.
Weightman has been executive chair or CEO of Cromwell since it was established in 1998. As one of the original founders, he helped recapitalised a property syndicator called Westholme Limited and changed its name to Cromwell Corporation Limited.
Today Cromwell is large listed player with total assets under management of $11.5 billion.
“Over the last 22 years, I have always sought to stay true to our purpose ‘that we are here to look after people’. This has been tested as much this year by COVID-19 as it was back in 1998 when we saw an opportunity to start-up a real estate business that put people first,” said Weightman.
“I’m proud that Cromwell has come through the pandemic and is continuing to operate successfully, particularly with the majority of its people working from home for most of the year.
“It has been an honour and a privilege to have been CEO of a business that has delivered such strong returns over such a long timeframe. I would like to thank my fellow directors, past and present, and everyone who has participated in the Cromwell journey over the last 22 years,” he added.
Cromwell CFO Michael Wilde has been appointed acting CEO effective 1 January 2021 whilst a global search for Weightman’s successor is underway.
