Australia’s real estate investor and manager Cromwell Property Group has today announced that Managing Director and CEO, Paul Weightman, will retire at the end of the year.
Cromwell Chair Jane Tongs said, “Paul was one of the original founders of the business back in 1998 and his track record, as one of the longest serving CEOs of an ASX listed entity, is unparalleled.”
“On behalf of the Cromwell Board and Cromwell securityholders, I would like to acknowledge his longstanding contribution and thank him for his dedication and hard work over more than two decades,” she added.
“Over the last 22 years, I have always sought to stay true to our purpose ‘that we are here to look after people’. This has been tested as much this year by COVID-19 as it was back in 1998 when we saw an opportunity to start-up a real estate business that put people first,” said Weightman.
“I’m proud that Cromwell has come through the pandemic and is continuing to operate successfully, particularly with the majority of its people working from home for most of the year.”
“It has been an honour and a privilege to have been CEO of a business that has delivered such strong returns over such a long timeframe. I would like to thank my fellow Directors, past and present, and everyone who has participated in the Cromwell journey over the last 22 years,” he added.
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”Cromwell CFO Michael Wilde has been appointed Acting CEO effective 1 January 2021. The Cromwell Board will now commence an extensive and thorough global search for Weightman’s successor,” said the company in the statement.
Wilde has been Cromwell’s Chief Financial Officer (CFO) since 2014. As CFO, he has responsibility for Cromwell’s finance function, which includes accounting and finance, reporting, treasury and tax, as well as Cromwell’s investor relations and legal and compliance functions.
Wilde joined Cromwell in 2005 as Group Financial Controller, having previously worked in the audit divisions of PricewaterhouseCoopers and Johnston Rorke (now Pitcher Partners). Michael has a Bachelor of Commerce and a Bachelor of Science and is a member of the Chartered Accountants Australia and New Zealand and a member of the Governance Institute of Australia (previously Institute of Chartered Secretaries and Administrators).
Cromwell was established in 1998 when five professionals recapitalised a property syndicator called Westholme Limited and changed its name to Cromwell Corporation Limited.
Twenty two years later, Cromwell has 460+ people across 28 offices in 14 countries and total assets under management of A$11.5 billion.