Michael Cameron will step down as chief executive officer and managing director of The GPT Group to become Group CEO and MD of Suncorp.
Mr Cameron was at GPT for six years during which time he led significant change in the organisation including transforming the company’s headquarters in the MLC building, a 1960s era building in Sydney, from three floors to two in a project that earned a 6 Star Green Star rating.
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GPT group chairman Rob Ferguson said this was a “wonderful opportunity” for Mr Cameron that reflected his great success at GPT.
“Mr Cameron became CEO of GPT at a very difficult time. During his tenure he has worked to stabilise the business, optimise its performance and has positioned the Group for future growth,” Mr Ferguson said.
“In his six years, Mr Cameron has demonstrated outstanding leadership and added great value for GPT securityholders.
“Since 2009, he has delivered a Total Securityholder Return (TSR) of more than 180 per cent which exceeds industry peers and the S&P ASX200.
“We thank Mr Cameron for his invaluable contribution and we wish him every success, he leaves the Group with the goodwill of the Board, stakeholders and employees.”
Mr Ferguson said an internal succession process has been underway for some time. Media speculation on Tuesday tipped successors could be chief investment officer Carmel Hourigan or chief financial officer Mark Fookes.
Mr will start his new role in October 2015.