Dexus announces that Chief Executive Officer, Darren Steinberg, has advised of his intention to step down in 2024 after more than 11 years in the role.
Steinberg has more than 30 years’ experience in the property and funds management industry, holding various roles with Lendlease and Westfield as well as Chief Executive Officer – Shopping Centre Division at Stockland and Managing Director Property, Colonial First State, before joining Dexus in 2012.
Steinberg will continue as CEO until the commencement of his successor and will work closely with the Board to ensure a smooth transition. The Board has commenced a process for his replacement.
Dexus Chair, Warwick Negus, said: “I have had the privilege of working alongside Darren over the past three years. His commitment to excellence and innovation is impressive. The very high standard of governance you see in Dexus is a reflection of the attitudes of the Board, CEO and senior management over a long period of time.
“The Board has been busy in 2023 with ongoing planning for succession and internal leadership development. We approach this decision with the benefit of a great deal of planning and will revert to Security holders in the coming months post the conclusion of a formal global search when this important decision is finalised.”
Steinberg said: “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. I am proud of everything we have achieved as a team for our investors, our customers and our people, and am committed to ensuring a smooth transition.”
Dexus has also announced that the outstanding condition precedent (related to the transfer of AMP’s interest in China Life AMP Asset Management Company Limited) to undertake Final Completion has been satisfied.
Final Completion of the transaction is expected to occur on 30 November 2023.
Dexus is a leading Australasian fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at $61.0 billion (pro forma post final completion of the AMP Capital acquisition).