Appointment of new Chief Executive Officer at McGrath Limited
24 August 2020 - McGrath Limited (ASX: MEA) (McGrath or the Company) advises that Chief Executive Officer, Geoff Lucas, has chosen to resign from the Company, following the presentation of the FY2020 financial results.
Chair, Peter Lewis said “the Board had accepted Mr Lucas’ resignation and paid tribute to his service to the Company during what has been a difficult two and a half years for the Company.”
Mr Lewis said “We thank Geoff for navigating McGrath from losses to profitability through the current COVID crisis, and we wish him all the very best in his future endeavours.”
Mr Lucas said “It has been pleasing to lead this team through a period of regenerating the McGrath business and the turnaround marks a new beginning for the Company. The business is now in a strong financial position to navigate through the uncertainty of the current environment. I would like to congratulate the leadership team for their tireless work and the Board for their support. Having achieved the financial turnaround, it is now time to hand the business to refreshed leadership to continue successfully into the future”.
Mr. Edward Law has been appointed to the role of Chief Executive Officer, following a successful 14-year career at ANZ, with his last position at the bank being Global Head of Institutional Property.
An expert in structured commercial real estate debt funding, Mr Law most recently has been an executive director of Newground Capital Partners and investment director of MaxCap Group.
Mr. Lewis said “Edward brings to McGrath vast experience in the real estate and finance sector and I am confident he will lead the group to earnings and market share growth, as well as improving shareholder value”.
Mr. Law said “McGrath presents an exciting challenge and we have a sound platform, with strong cash reserves and brand positioning in what is a challenging market, ripe for consolidation”.