SYDNEY, AUSTRALIA: The GPT Group (ASX: GPT), a leading Australian property company, has announced the appointment of Russell Proutt as its new Chief Executive Officer and Managing Director (CEO). Mr Proutt will replace Bob Johnston, who will step down after leading the Group for over six years.

Mr Proutt has over 30 years of global leadership experience and a deep understanding of commercial property markets, funds management, mergers & acquisitions and finance. He was previously the Chief Financial Officer at Charter Hall, another Australian property group, and before that he held senior positions at Brookfield Asset Management, a global asset manager.

Mr Proutt said he was honoured to be appointed as CEO of GPT, which has a proud history and an established platform with $32 billion of assets under management. He said he was committed to working with the Board, Leadership Team, employees and stakeholders to create long term value for securityholders.

GPT’s Chairman, Vickki McFadden, said the Board conducted an extensive selection process and was confident Mr Proutt had the leadership capability, strategic insight and track record to lead GPT through its next phase of growth. She also thanked Mr Johnston for his outstanding contribution to GPT, saying he successfully led the Group through a period of significant growth and positioned it for continued success. She said Mr Johnston would work closely with Mr Proutt to ensure a smooth transition.

Mr Proutt is expected to commence with GPT no later than 25 March 2024.