ASX-listed shopping centre giant Vicinity Centres has today announced the appointment of Grant Kelley as its new CEO and Managing Director, with a planned commencement date of 1 January 2018.
Vicinity Centres is one of Australia’s largest retail property groups with a fully integrated asset management platform and over $24 billion in retail assets under management across 83 shopping centres. The Group has a Direct Portfolio with interests in 74 shopping centres and manages 35 assets on behalf of strategic partners, 26 of which are co-owned by the Group.
Last last month, the retail landlord announced its planned buyback of five per cent of shares, valued at about $500 million.
Kelley will succeed Angus McNaughton, who recently advised the Board of Vicinity of his intention to retire effective from 31 December 2017. Angus has been CEO and Managing Director of Vicinity since August 2015 and will have been involved with the business for close to 10 years including his time with Novion Property Group and its predecessor CFS Retail Property Trust Group.
Vicinity Centres' Chairman Peter Hay said: “On behalf of the Board, I am very pleased to announce Grant’s appointment as the incoming CEO and Managing Director of Vicinity. Grant’s diverse global background including real estate investment, corporate strategy, funds management and private equity spans close to three decades, through to his most recent role running one of Asia’s larger independent listed diversified property companies. Grant will bring to Vicinity a strong strategic and analytical perspective on the changes occurring in the property industry globally. Grant’s proven capacity to manage and adapt to change will be imperative at a time of significant evolution across the Australian retail landscape.”
Grant Kelley said: “I am delighted to be given this opportunity to lead Vicinity, together with the highly experienced executive team, and drive the future growth of the business to deliver strong returns for security-holders. This is an exciting time for the business and I look forward to building on its well established retail platform.”
Transition planning is well underway by the Board and McNaughton to ensure a smooth handover through to Kelley’s commencement. To facilitate this transition, Kelley will be visiting Australia in the coming months to meet with the executive team and start familiarising himself with the business.
Hay added: “I would like to once again thank Angus for his stewardship of Vicinity and in particular, for his leadership through the successful integration and realisation of synergies from the merger.”