Dexus appoints Ross Du Vernet as new CEO

The news: Property investor Dexus has promoted chief investment officer Ross Du Vernet as its new CEO in place of the retiring Darren Steinberg.

The numbers: Du Vernet, who joined Dexus in 2012, is currently also part of the company’s executive leadership team. He will take up his new role in March 2024, with Steinberg to continue until that time.

The context: The change in guard comes after Steinberg announced in October he would step down after 11 years as CEO. The property fund manager has faced a challenging period amid a rapid increase in interest rates that has lifted Dexus’ cost of debt and had a material impact on portfolio valuations. Dexus shares are down 8% over the last 12 months.

What they said: “The combination of his deep property investment expertise, track record of setting and delivering on strategy and his knowledge of the Dexus business makes Ross the ideal successor,” Dexus Chair Warwick Negus said of the new appointment.