Abacus managing director confirms upcoming retirement

The managing director of Abacus Group (ASX: ABG) will be stepping down after an eight-year tenure.

Steven Sewell has announced the intent to retire from his current role but will continue to lead the company to 9 July 2027, or an earlier date, in accordance with the succession plan.

Sewell was named as the successor to the late Frank Wolf as managing director in 2018. He was set to take on the role in July 2018, but his appointment was brough forward due to the sudden passing of Wolf in April the same year.

The board has commenced a search for Sewell's replacement and is partnering with recruitment firm Spencer Stuart.

According to Abacus, Sewell will receive his normal remuneration through to the end of his employment and will be eligible to participate in the FY27 STI on a pro-rata basis.

Sewell will also be eligible to receive an FY27 LTI, subject to securityholder approval at the ABG Annual General Meeting in November 2026, the ASX-listed entity said, noting the number of rights will be pro-rated to reflect the period of employment during FY27 up to the last service date.

Meanwhile, his unvested awards will be treated in accordance with their original terms upon his retirement, the group confirmed.

Sewell will work with the board to ensure an orderly handover and smooth transition to his successor and will make a further announcement once a successor has been appointed.

Abacus Group chair Mark Haberlin thanked Sewell for his contribution since assuming the role in 2018.

"Steven was instrumental in the evolution of ABG's business from a core plus investor in real estate, with a portfolio of opportunistically acquired higher risk assets, to a specialised commercial real estate investment trust," Haberlin said.

"In parallel, Steven maintained ABG's entrepreneurial culture and drove the growth and creation of the now separately listed Storage King Group."

Sewell added: "It has been a privilege to lead the multifaceted team at ABG and undertake the myriad of asset and corporate transactions ABG has been involved with."

"I believe it's an appropriate time, following the internalisation of SKG on 30 June 2026, to hand the leadership to a new person and I wish the organisation every success in the future."