Iconic Australian development company AVJennings has shocked the property industry by parting company with its long term chief executive Louis Milkovits.
Milkovits resigned yesterday after almost a decade to pursue other interests. He was not available for comment.
Since the late 1990s, Milkovits has taken AVJennings from the brink of obscurity to returning to its past glory as an iconic developer and consistent profits.
In the past financial year alone, AVJennings returned a $15.5 million pre-tax profit on revenue of $517 million. Milkovits also raised AVJennings land holdings to in excess of 11,000 lots.
Under Milkovits reign, AVJennings a number of major developments including the much sought after Brickworks site in Eastwood, NSW and the hotly contested Cheltenham Racecourse site on the fringe of the Adelaide CBD.
AVJennings also recently completed three major apartment developments in
Analysts said Milkovits will be sought after and they believe it won’t be long before he heads up another major listed company.
“He is known in the industry as one of the best numbers people around. He can take a cash strapped, beaten up old brand like AVJennings are turn it into something relevant again… that’s his expertise,” the Sydney based analyst said.
“On behalf of the board I wish to express our thanks to Milkovits for his efforts and leadership. His guidance has seen the Company positioned today as one of
Milkovits and his wife remain significant shareholders in AVJennings.
The tightly held AVJennings share price, Cheong owns around 49% of the stock, remained steady at 40 cents at the close of trade yesterday with no trades.
Australian Property Journal
