HPI CEO John White resigns; first-half profit jumps
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The news: Hotel Property Investments' managing director and chief executive John White has resigned, along with two other board members, as Charter Hall Retail REIT and Hostplus solidified their majority shareholding in the pub owner in recent weeks.
The context: White has led the company since September 2024. HPI's chief financial officer and company secretary Blair Strik has been appointed acting CEO.
Non-executive directors Lachlan Edwards and Anne Michaels have also resigned from the board. Edwards was the company's inaugural non-executive director of HPI when the company listed on the ASX in November 2013. Michaels joined the board in November 2022.
Charter Hall's managing director and group CEO David Harrison will join HPI's board, as will Charter Hall non-executive director Greg Paramor.
Charter Hall and Hostplus have built their aggregate interest in HPI from less than 20% in September to 76.75% as of 3 February.
Elsewhere, HPI lodged its first-half interim report, with statutory profit rising 76% year over year to $16.7 million. Rent revenue rose 1.8% to $37.1 million, bolstered by contracted rent increases across HPI's pub portfolio.
HPI declared an interim distribution of 9.8 cents per share, up from 9.5 cents per share a year earlier. It also reaffirmed its full-year distribution guidance of 19.7 cents per share.
The sources: ASX announcement, ASX announcement
