An ASX-listed real estate investment trust has announced the retirement of its chair, to be replaced by a former Merrill Lynch Australia managing director.
GPT Group chair Rob Ferguson will retire at the $20 billion firm's annual general meeting in May. Ferguson also announced the addition of former Merrill Lynch Australian managing director of investment banking, Vickki McFadden as a non-executive director to the GPT board.
If approved by shareholders, McFadden is expected to be appointed chair of the GPT board when Ferguson steps down.
McFadden has almost 20 years' experience in financial services, working across investment banking, corporate finance and corporate law. McFadden is currently the chair of Eftpos Payments Australia and president of the Takeovers Panel.
She also holds directorships with Tabcorp, Newcrest Mining and Myer Family Investments. She is a member of Chief Executive Women and is on the advisory board of UNSW Business School.
Ferguson said McFadden's appointment will further strengthen the capabilities of the GPT Board.
The broad range of skills and experience McFadden has developed during her time in investment banking, and through her current and previous board-level positions, will be valuable additions to that of the board, he said.
GPT Group is a top 50 ASX-listed company, owning and managing about $20 billion worth of property assets across Australia.