Daryl Browning will step down as ISPT chief executive officer after 17 years.
In a statement, chair Rosemary Hartnett said the board and Mr Browning agreed, a new leader should oversee the new five year corporate strategy.
“Daryl has not only led this incredible growth and delivered sustained risk-adjusted returns for our investors, but successfully navigated the GFC and, more recently, the COVID-19 pandemic,” Ms Hartnett said.
“Daryl understands the property market intimately and this has allowed ISPT to anticipate obstacles and capitalise on opportunities,” she added.
“Most of all Daryl has earned the trust and confidence of our investors, employees, board members, partners and service providers,” according to the executive.
“He not only keeps our purpose front-of-mind every day but he lives and breathes it”.
An internal and external search for a replacement is underway.
ISPT was created 28 years ago by AustralianSuper, Cbus and HESTA with the belief that bigger things could be achieved with a large, collectively owned vehicle, than any of the parties could do on their own.
Mr Browning started there in 2002.
“I would like to acknowledge the support of our investors and business partners, as well as the enormous contribution from our many talented team members who I have been proud to lead, in particular, our strategic leadership group,” the executive said (story continues below).
“I look forward to the next phase of my professional life and observing ISPT’s continued success”.
The move comes eight months since Damien Frawley announced he would resign as QIC CEO after nine years.
Also last year, Peter Menegazzo took over the Investa CEO role vacated after 14 years by Jonathan Callaghan.
Twelve months ago, Tony Lombardo was appointed Lendlease CEO, replacing Steve McCann, who was finishing up in June, after 12 years.
Kylie Rampa – another high profile executive – quit Lendlease to replace Mr Frawley, last November.
In late 2020, Tarun Gupta replaced Mark Steinart, who was Stockland chief since 2013.
Mr Gupta also came from Lendlease.
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