Three internal candidates — Carmel Hourigan, Mark Fookes and Matthew Faddy — are likely to compete for the top job at listed property landlord GPT Group after chief executive Michael Cameron’s appointment to head Suncorp.
GPT chairman Rob Ferguson said an external search firm would be appointed to look at and benchmark a replacement for Mr Cameron, but noted the giant group had strong internal candidates.
“We will be looking outside as well as a way of benchmarking to see how our internal candidates brush up in comparison,” Mr Ferguson said.
“Ideally we should be choosing an internal candidate, but I don’t think you can make a forecast on that.”
Mr Cameron will become the chief executive of Suncorp after six years at GPT, where he took the reins of a group which at the time was reeling from the global financial crisis.
Mr Cameron, who has been a non-executive director at Suncorp since 2012, will replace Suncorp CEO Patrick Snowball in October.
Ms Hourigan is the high-profile chief investment officer at GPT, with more than 20 years in the industry. She began at GPT in 2012, after holding a number of executive positions at Lend Lease, including as managing director of the investment management business.
Mr Fookes and Mr Faddy also cut their teeth in senior positions at Lend Lease, which once managed the GPT platform.
Mr Fookes headed GPT’s retail and investment management business before being appointed to his current position as chief financial officer in 2012.
Mr Faddy was appointed head of asset management at GPT in January 2012 and previously oversaw the launch of the GPT Wholesale Shopping Centre Fund. Before this, he was the head of retail at Lend Lease, and has also spent five years in the audit group of accounting firm PwC.
Mr Cameron, who was appointed GPT’s chief executive in 2009, is viewed by the market as having brought sound financial practices back to the property company.
“The thing I’m most proud of in the six years, is the turnaround and the renewal of confidence in the business,” Mr Cameron said.
“Post-GFC there was a lack of confidence in the organisation to go forward in a sustainable way, given the debt levels and all those sort of things.
“It was a different time and I think GPT is certainly in a better position these days for growth in the future.”
This article was first published on The Australian Business Review