FKP Property Group has extended CEO Peter Brown contract, which had otherwise been set to expire at the end of the financial year.
While it is not Brown’s intention to stay for a third long term contract, the board has agreed that FKP’s best interests are served by him remaining in the position for the immediate future.
Chairman Seng Huang Lee said a number of options for the leadership have been considered, and Brown is the right strategy at the present time.
“There are a number of large projects that FKP has recently launched which Peter has been involved with since inception. Also, with the residential sector facing some challenges, a steady hand is preferable to a change of leadership at this time,” he added.
Brown’s remuneration will continue in accordance with the existing contract terms.
Meanwhile Brown celebrated this announcement by confirming that FKP remains on track to deliver a strong full year result in line with previous guidance of a 10-15 per cent increase in underlying profit for FY11 compared with the prior year.
Australian Property Journal
