Dexus CEO Darren Steinberg to step down

The news: Property investor Dexus has announced its long-serving chief executive Darren Steinberg will step down from the role in 2024.

The numbers: Steinberg has been CEO for more than 11 years. The Dexus board has commenced a process for his replacement, and he will continue until his successor starts in the role.

The context: The change in guard comes at a crucial time for the property fund manager, which is facing 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. “My decision to step down next year allows time for continuity. Dexus has a team of experienced and talented people and I will leave knowing that the business is in a strong position to continue to deliver long-term value,” Steinberg said in a statement.