Russell Proutt has been named as the GPT Group’s new Chief Executive Officer and Managing Director, succeeding retiring CEO Bob Johnston, who announced his retirement earlier this year.
Proutt has over three decades of global leadership in commercial property markets, money management, mergers and acquisitions, and finance. Since 2017, he has served as Charter Hall’s Chief Financial Officer.
On September 25, Charter Hall formally announced his resignation. Prior to joining Charter Hall, Proutt worked for Brookfield Asset Management for 12 years as a Managing Partner, originally in Canada and then in Australia. During his time at Brookfield, he worked primarily in the Asia property and infrastructure industries.
GPT’s Chairman, Vickki McFadden, expressed, “On behalf of the Board, we are delighted to announce the appointment of Russell as CEO of GPT. The Board conducted an extensive selection process and is confident Russell has the leadership capability, strategic insight, and track record to lead GPT through its next phase of growth and will bring a strong focus on long-term value creation for investors.”
Russell Proutt commented on his appointment, stating, “It is a privilege to be appointed as CEO of GPT, a leader in the Australian property industry. GPT has a proud history and an established platform with $32 billion of assets under management. There is an exciting future ahead for GPT, and I am committed to working with the Board, Leadership Team, employees, and stakeholders to continue to position the business to create long-term value for security holders.”
Johnston also remarked on his retirement, saying, “GPT has a strong team of experienced and talented people and an enviable culture that seeks to make a positive impact for people, place, and the planet while delivering long-term value for security holders. It has been an honor and privilege to have been the CEO of GPT for the past eight years, and I would like to congratulate Russell on his appointment as CEO. I am confident in the future of GPT under Russell’s new leadership.”
Proutt is slated to join GPT no later than March 25, 2024. To facilitate a smooth transition, Johnston will serve as CEO until Proutt takes over.