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Dexus names its new CEO

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Property Council of Australia president Darren Steinberg will take the top job at Dexus Property Group when chief executive Victor Hoog Antink retires in March.

Mr Steinberg will begin in his new role on March 1, and has immediately stepped down as managing director of Colonial First State Global Asset Management Property.

Mr Hoog Antink discussed with the board his intention to retire earlier in the year, sparking a search for a successor.

Mr Hoog Antink has been chief executive of Dexus since 2003 and said now was the right time to hand over to a new leader.

“I leave confident in the knowledge that the group is well positioned to build on the successes achieved to date with a great team and great properties to continue to create value for shareholders,” Mr Hoog Antink said in a statement.

He intends to pursue personal opportunities, including a career as a non-executive director, after departing Dexus at the end of March.

Dexus has more than $13 billion worth of properties under management, with 42 office properties, 61 industrial properties and 15 retail properties.

Mr Steinberg has more than 20 years’ experience in the property industry, including five with Colonial First State Global Asset Management Property.

“I look forward to bringing my experience to the role and leading the Dexus team in the next stage of the company’s development and growth,” he said in a statement.

Mr Steinberg will be paid $1.5 million as compensation for remuneration foregone when he starts with Dexus, on top of a fixed annual salary of $1.4 million.

He will also be eligible for $2.6 million in annual remuneration tied to performance measures.

Dexus also appointed Richard Sheppard as an independent director from January 1.

Mr Sheppard steps down as chief executive of Macquarie Bank this month.

Colonial First State Global Asset Management Property has appointed its head of wholesale property funds, Angus McNaughton, as its new managing director.

At the close of trade, Dexus stapled securities were up 2.5 cents or 3.07 per cent, at 84 cents.