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After more than a decade in the role, Darren Steinberg has revealed he will be stepping down from the executive position at the real asset manager.
An announcement from Dexus revealed that Mr Steinberg has shared he will be stepping down from the chief executive role in 2024.
He himself stated that his 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,” he commented.
With Mr Steinberg set to continue on until the commencement of a successor, Dexus said it has already began a process for Mr Steinberg’s replacement.
Weighing in on the CEO’s decision, Dexus chair Warwick Negus commented that he has “had the privilege of working alongside Darren over the past three years”.
Calling his commitment to excellence and innovation impressive, he stated: “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.”
Mr Negus revealed that “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.”
The CEO announcement immediately preceded the group’s September 2023 quarter update, where the firm revealed “positive momentum across the platform”.
According to the announcement to the ASX, the group’s balance sheet strength has been “further enhanced through strategic capital recycling and high occupancy maintained across the office and industrial portfolios”.
Mr Steinberg himself said that “despite the uncertain global macro-economic and geopolitical environment, we continued positive momentum across the group, settling $1.3 billion of balance sheet divestments, maintaining a strong balance sheet, and providing capacity to recycle capital into higher returning opportunities”.
“In our funds management business, we launched a second fund in the Dexus Real Estate Partnership (DREP) series and continue to raise capital for our healthcare fund.”
Over the quarter, the group reportedly completed 79 leasing transactions, maintaining high occupancy across its office portfolio (at 94.7 per cent) and industrial portfolio (at 99.5 per cent).
Rent collections are reported as remaining “strong” at 99.7 per cent.
It also completed 88,000 square metres of developments across key industrial precincts and healthcare assets.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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