FKP's Peter Brown to step down as lightening strikes thrice in the property sector
FKP Property Group boss Peter Brown will step down as managing director by February continuing the exodus of veteran chief executives from Australia’s listed property sector companies.
Its adds to the departure of Stockland’s boss, Matthew Quinn, who unexpectedly handed in his resignation last month, and the departure of Mirvac boss Nick Collishaw last week.
Late last year Dexus chief executive Victor Hoog Antink led the charge with his retirement.
Brown has been in charge at the FKP since 2002, having replaced the founding managing director Rod Forrester.
His departure comes after Brown signed an open-ended contract in June last year.
At the time he indicated to the board that he did not intend to stay more than four years.
While a search is under way for Brown's replacement, chairman Seng Huang Lee will assume the position of executive chairman. Seng Huang Lee is the head of FKP’s largest shareholder, Mulpha.
The Malaysian conglomerate Mulpha owns 26% of FKP, a property developer and retirement village owner that has more than $4 billion worth of assets under management.
In 1999 Forrester headed one of Queensland's largest property developers, Forrester Kurts Properties, with total assets of more than $270 million and annual sales of more than $200 million.The company announces its full year results on August 28.
