SYDNEY, AUSTRALIA: The GPT Group announced that the Chief Executive Officer and Managing Director (CEO), Bob Johnston, has advised of his intention to retire by the end of this year after more than 7 years in the role.

Bob Johnston will continue as CEO until the commencement of his successor and will work closely with the Board to ensure a smooth transition.

GPT’s Chairman, Ms Vickki McFadden, said: “On behalf of the Board I would like to thank Bob for his ongoing dedication and leadership of GPT. Bob has made an outstanding contribution to GPT, successfully leading it through a period of significant growth and designing and implementing changes to its strategy, structure and portfolio mix that has positioned the Group for continued success. With Bob’s leadership during the selection process, GPT will maintain its focus on creating value for securityholders and provide continuity for our investors, employees and customers.

“The Board has appointed Russell Reynolds to assist with the selection process that will consider both internal and external candidates to ensure the right leadership to execute on GPT’s strategy and build on its success.”

Mr Bob Johnston said: “It is the right time to advise of my intention to retire and to provide the Board with sufficient time to allow for a smooth transition and continuity. I know that GPT is in a strong position, and I am proud of what we have accomplished for our customers, investors, employees, securityholders and the industry. GPT has a strong team of experienced and talented people and I remain committed to leading GPT and ensuring that there is a smooth transition process for my successor.”

The GPT Group is a Real Estate Investment Trust. The Group has been publicly listed in Australia since April 1971 and is one of Australia’s largest diversified listed property groups. It was managed by Lendlease Corporation until it was internalised in 2005.