GPT CEO Bob Johnston calls time at the helm

The chief executive of diversified giant GPT, Bob Johnston has joined a number of his peers in announcing his retirement from the group after seven years at the helm.

Johnston joined GPT from running development group Australand and will leave by the end of this year but will continue running the business until the start of his successor and will work closely with the board to ensure a smooth transition.

He joins a growing line of high-profile and long-standing exits from the top post at a time when the real estate sector is facing a series of economic headwinds and challenging market conditions.

Johnston, like his peers, has steered the businesses through the pandemic which hit the real estate market hard with lockdowns causing offices and malls to close. That saw many take a fall in sales combined with having to offer rent relief to help out tenants.

“It is the right time to advise of my intention to retire and to provide the Board with sufficient time to allow for a smooth transition and continuity,” Johnston said in an ASX announcement.

He said GPT is in a strong position, and he is proud of what has been accomplished for customers, investors, employees, security holders and the industry.

GPT’s chairman, Vickki McFadden, thanked Johnston for his ongoing dedication and leadership of the company.

“Bob has made an outstanding contribution to GPT, successfully leading it through a period of significant growth and designing and implementing changes to its strategy, structure and portfolio mix that has positioned the group for continued success,” McFadden said.

In the past year, other high-profile departures have included Scentre Group’s Peter Allen, Mirvac’s Susan Lloyd-Hurwitz and Vicinity Centre’s Grant Kelley. All posts have been filled by existing managers reflecting that many businesses have solid succession plans in place.