Vicinity Centres announced this week a new Executive Committee structure to accelerate its strategy to create a core portfolio of market-leading destinations, realise mixed-use opportunities and expand its wholesale funds platform. With 67 centres under its management Vicinity is the second largest listed manager of Australian retail property.
Vicinity CEO and Managing Director, Grant Kelley has been in the role less than a year and has announced the leadership changes were the next significant step in Vicinity’s transformation to unlock potential and deliver strong and sustainable growth.
Kelley said: “The executive structure announced today is designed to leverage our strengths and position Vicinity for the future by strategically consolidating the finance and investments function, strengthening intensive asset management, elevating strategy, innovation and digital and further embedding a high-performance culture.”
The changes to the Executive Committee are effective immediately, with some appointments to include longer handovers to ensure a smooth transition over coming months.
Grant Kelley (left) launching Vicinity’s solar program
“More than three years post-merger, the time is now right to realign our business to focus on the successful and swift execution of our new strategy,” Kelley said.
Vicinity’s Executive Committee will comprise:
Simone Carroll – Group Executive, People and Transformation
Previously Executive General Manager (EGM) Digital, Marketing, People & Culture, Simone will focus on people and transformation to continue to drive Vicinity’s high-performance culture.
Stuart Macrae – Director, Leasing
Stuart will continue to lead the leasing function.
David Marcun – Director, Financial Operations
Previously EGM Business Development, David will take on a new role leading, streamlining and driving continuous improvement in financial operations.
Justin Mills – Chief Strategy Officer
Previously EGM Shopping Centre Management, Justin will take on a newly-created role responsible for developing and executing Vicinity’s corporate strategy. Justin will continue to oversee shopping centres until the appointment of a Chief Operating Officer.
Justin Mills
Michael O’Brien – Chief Financial Officer
Previously Chief Investment Officer, Michael will lead a newly-consolidated finance and investments function, which will now include finance, investment management, capital transactions and Vicinity’s wholesale funds and strategic partnerships business.
Carolyn Reynolds – General Counsel
Carolyn will continue to lead Vicinity’s legal, compliance, safety and risk functions.
Carolyn Viney – Group Executive, Development
Carolyn will continue to be responsible for Vicinity’s development pipeline and realising mixed-use opportunities across the portfolio.
L-R,Nev Power, Perth Airport Chairman, John Carey, MLA, Carolyn Viney, Vicinity Centres
Two new Executive Committee roles have also been created:
- Chief Operating Officer (COO) which will integrate operations, leveraging existing strengths in leasing, shopping centre management and marketing, and
- Chief Information Officer (CIO) to elevate the role of technology and digital to drive retailer and consumer experience.
International searches are underway for both the COO and CIO roles, with the announcement of appointments expected in early and mid-2019 respectively.
As part of the changes announced to Vicinity’s Executive Committee, Chief Financial Officer (CFO), Mr Richard Jamieson will be leaving Vicinity and moving back to Sydney. Richard joined Novion Property Group (Novion) in 2014 as CFO and continued with Vicinity post the merger between Novion and Federation Centres in 2015.
Kelley said during his past four years as CFO, Richard had made a significant contribution to the successful integration of and delivery of synergies from the merger, strengthened Vicinity’s balance sheet position that led to an upgrade of Vicinity’s credit rating to ‘A/stable’ by Standard and Poor’s, drove cost efficiencies and created a unified finance team.
“I would like to thank Richard for his significant contribution to Vicinity during the past four years. On behalf of the team, I wish him all the best for his future endeavours,” Kelley said.
Michael O’Brien, previously Vicinity’s Chief Investment Officer, will replace Mr Jamieson and lead the newly-consolidated finance and investments function. Michael joined Vicinity in October 2015 from The GPT Group and has almost 30 years’ experience in real estate, including finance, real estate funds management, shopping centre management and development.
Kelley said: “We will further refine our structure and operating model as Vicinity continues its transformation to deliver greater value for security holders.”
