Dexus Appoints Ross Du Vernet as New CEO Amid Divisional Challenges By Investing.com

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SYDNEY – Dexus, Australia’s leading real estate investment trust, today announced the appointment of Ross Du Vernet as its new Chief Executive Officer (CEO), effective March 2024. Du Vernet, who has more than 20 years of industry experience, will succeed Darren Steinberg. He has been leading since 2012. The transition comes at a time when the sector is struggling with high interest rates and unstable market conditions.

Under Steinberg’s leadership, Dexus has undergone significant changes to its portfolio, including an increase in funds under management from $12.9 billion to $61 billion. This growth is due in part to strategic diversification efforts since the pandemic, including a shift from traditional office space to infrastructure expansion and entry into growing markets such as healthcare real estate. Notable acquisitions during his tenure include the $4 billion Commonwealth Real Estate Office fund and the industrial park at Jandakot Airport for logistics growth. The company also diversified into the renewable energy sector by acquiring the portfolio of AMP (OTC:) Capital.

Du Vernet’s appointment follows an extensive global search conducted by Dexus’ board and management throughout 2023. On behalf of the Board, Warwick Negus praised Du Vernet’s deep industry knowledge and strategic insight. Du Vernet previously served as Chief Investment Officer at Dexus and during his tenure at Commonwealth Bank, where he contributed significantly to strategy delivery and developed unique platform capabilities.

The announcement of Du Vernet’s appointment as CEO received a positive response from investors, with Dexus shares rising 7.47% following the announcement. The rise comes despite the broader challenges facing the sector, which have continued to drive the company’s shares to a discount.

Dexus’ strategic transformation under Steinberg has laid a strong foundation for future growth, and Du Vernet is expected to continue leading the company towards its vision of becoming Australia’s leader in real estate. The leadership change is consistent with a sector-wide trend with new CEOs taking charge at companies such as GPT, Lendlease, Stockland, Scentre Group, Mirvac and Growthpoint, with Charter Hall’s David Harrison and Goodman Group’s Greg Goodman retaining long-term leadership roles. .

Du Vernet takes on his new role with an annual salary of $1.5 million and brings extensive experience to guide Dexus through a difficult transition period ahead of its real estate investment sector.

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