Real estate investor and manager, Cromwell Property Group, today announced the Cromwell Board’s unanimous election of Dr Gary Weiss AM as Cromwell Chair.
Dr Weiss was appointed to the Board in September 2020 following ARA’s successful proportional takeover of the Group last year. IT was Dr Weiss’ third attempt at being appointed to the Board and was supported by 51% of the unitholders.
Now with the support of the other Directors, Dr Weiss has been elected as Chair of Board succeeding Ms Jane Tongs who has retired from the Cromwell Board as well as from the Director roles in Cromwell Corporation Limited and Cromwell Property Securities Limited (the responsible entity of the Cromwell Diversified Property Trust). She will remain a Director of Cromwell Funds Management Limited, which is the responsible entity of a number of registered managed investment schemes.
Retiring Cromwell Chair Ms Tongs said: “The Board renewal process has proceeded quickly and the key remaining item on the to-do list, the appointment of a permanent CEO, is in the hands of the Cromwell Board.”
Dr Weiss said of his election, “I would like to assure securityholders that the Cromwell Board is focused on maximising the many exciting opportunities that we see before us. As Chair, I am committed to working collaboratively and constructively with my fellow Cromwell Directors to ensure those opportunities – including working with capital partners across Asia Pacific and Europe – are realised.”
Dr Weiss AM has been involved in overseeing large businesses with operations in many regions including Asia Pacific, Europe, China, India and the US and is familiar with investments across a wide range of industries and sectors, including real estate.
Dr Weiss AM has substantial board and board committee experience at both listed and non-listed entities. His listed entity experience includes current roles as the Chair of Estia Health Limited and Ardent Leisure Group Limited, Executive Director of Ariadne Australia Limited and Non-executive Director of Thorney Opportunities Ltd.
Among his other former roles, Dr Weiss AM served as a Non-executive Director of The Straits Trading Company Limited and as a Non-executive Director of Westfield Group. Dr Weiss AM is a Commissioner of the Australian Rugby League Commission.
The Cromwell Board also unanimously elected Mr Ooi Eng Peng as Cromwell Deputy Chair and senior independent director.
Mr Ooi has substantial board and board committee experience at both listed and non-listed entities across Asia Pacific. He has served as a Non-executive Director of ESR Funds Management (S) Limited, the manager of SGX-listed ESR-REIT, since 2012 and the Chair since 2017.
Mr Ooi spent 30 years in a variety of senior roles with Lendlease and has more than 35 years of real estate experience, including in property investment, development, project management, fund investment and management and capital partnerships in Australia and across Asia.
The Board consists of six Non-executive Directors, five of whom are independent.
- Gary Weiss AM – Non-executive Chair
- Eng Peng Ooi – Independent Non-executive Deputy Chair
- Rob Blain – Independent Non-executive Director
- Tanya Cox – Independent Non-executive Director
- Joseph Gersh AM – Independent Non-executive Director
- Lisa Scenna – Independent Non-executive Director
Our Views
After reaching a post ARA takeover high of 0.99 cpu in November coinciding with the Boardroom Blitz, Cromwell has dropped back -15% to 0.845cpu.
The fall in unit price was almost immediate and likely as a result of disappointed unitholders seeking to sell their position knowing that ARA held effective control of the Board and the future direction of the Group.
More recently the year end results released in February, indicated that the half-year Operating profit was down -26.8% on the previous corresponding period to $99.1 million, equivalent to 3.79 cents per security. The outlook suggested that the Group would continue to look to Europe for growth as conditions normalise. See our review here.
Cromwell are now in search of a new CEO to replace Paul Weightman who stepped down at the end of December.
Cromwell are not on our recommend list.
Disclaimer: The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Related Articles
