GPT Group announces new CEO to succeed Johnston
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The news: Property investor GPT Group has announced rival Charter Hall’s CFO Russell Proutt will step in as its next chief executive to replace the outgoing Bob Johnston.
The numbers: Mr Proutt will step in as CEO no later than 25 March 2024. He has been chief financial officer at Charter Hall since 2017 and previously served as a managing partner at Brookfield Asset Management.
The context: Johnston announced his retirement in February after seven years in the role and will continue until his successor commences. The transition comes at a difficult time for GPT, which last month reported a half-year loss amid a slump in valuations as rising interest rates weigh on the property sector.
The source: ASX announcement
