Cromwell Property Group’s (ASX:CMW) long time managing director and CEO, Paul Weightman, is set to retire on the 31st December 2020 after founding the company and spending 22 years in the top job.
The resignation follows intense pressure from dissident shareholder ARA Asset Management.
ARA’s CEO David Blight has led a rebelled against Cromwell’s company strategy, culminating in a second strike against the remuneration report at last month’s AGM.
Cromwell CFO Michael Wilde will act as CEO as of January, while the Board undertakes a global search to fill the position.
Shares in Cromwell Property Group (ASX:CMW) closed 0.54 per cent lower at 92 cents yesterday.