SINGAPORE - The chief executive officer of property developer Frasers Centrepoint Ltd's wholly owned subsidiary Frasers Australand has quit to take the top job at GPT Group, one of the largest owners of office properties on the east coast of Australia.
FCL announced Mr Bob Johnston's resignation in a filing with the Singapore Exchange on Tuesday, without disclosing any reason for his departure. It said he will be succeeded as CEO by Rod Fehring, who is currently general manager of the residential division at Australand, which was formed last year when FCL completed is takeover of Australand Property Group.
The Australian Business Review reported on Tuesday that Mr Johnston is expected to take over in January from GPT's outgoing CEO Michael Cameron, who will move to head Suncorp Group. Mr Johnston headed Australand for seven years prior to its takeover by FCL.
FCL group CEO Lim Ee Seng, who is also a director on the Frasers Australand board, said Frasers Australand was "well-positioned for growth". The Australand unit said in June this year that it had secured occupants for 200,000 square metres of industrial space in Melbourne over the past six months in deals worth about $200 million.
Mr Lim added that Mr Fehring has been a senior member of the Fraser's Australand leadership team for over half a decade, and that his "deep industry expertise and demnstrated capabilities have earned him a solid reputation in the Austalian real estate market."