Elanor appoints David McNamara as CEO
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The news: Elanor Investors Group has appointed David McNamara as its chief executive, replacing Tony Fehon who served as interim managing director since 2024.
The context: McNamara will join on 22 June and was most recently Vicinity Centres’ director of funds management. He has 34 years in real estate investment, funds management, asset management and capital transactions.
Fehon will transition from the interim role over a six month period and resume his position as a non-executive director of Elanor.
In December, Elanor was embroiled in a public battle with the Lederer Group over its Elanor Commercial Property Fund which led to the Lederer group failing a takeover bid for the fund but acquired a 42.68% stake. In February, Elanor terminated its Elanor Commercial Property Fund management agreement following its removal as the responsible entity of the fund at the end of January.
Last week, Elanor announced it would no longer proceed with the acquisition of Firmus Capital in its current form and its founder Su Kiat Lim would stand down from his Elanor board position effective 2 June. It also said it had made submissions to the ASX to be reinstated.
The group’s next phase of growth includes:
- Balance sheet strengthening and disciplined capital management;
- Growing the business through targeted, capital-led real estate initiatives alongside Rockworth;
- Growing funds under management through institutional partnerships; and
- Rebuilding confidence with securityholders and capital partners over time.
What they said: Elanor chair Ian Mackie said: “David is a highly experienced property and funds management executive with strong institutional capital markets credibility, deep governance experience and a proven track record leading complex platforms and stakeholder relationships.
“The board is confident he is well placed to lead Elanor’s next phase as we execute our targeted, capital-led growth strategy, with a focus on disciplined execution, investor engagement and long-term value creation.”
Mackie also thanked Fehon for his “significant contribution in stepping in, under incredibly challenging circumstances, to steady the ship”.
The source: ASX
