Vicinity Centres chairman Peter Hay will retire from the board of the shopping centre operator after the company’s annual results in August.
Mr Hay, who has been chairman since Vicinity was formed in a 2015 merger of Federation Centres and Novion, will be replaced by non-executive director Peter Kahan.
“It has been a privilege to work with such an exceptional board and management team to navigate through the merger and Vicinity’s formation, to see it become the unified and stronger organisation it is today,” Mr Hay said in a statement.
Mr Kahan has been a non-executive director of Vicinity, whose assets include Chatswood Chase in Sydney and Chadstone in Melbourne, since June 2015 and is also chair of Vicinity’s remuneration and human resources committee.
Also a director of Dexus Wholesale Property Group, Mr Kahan has had what Vicinity called “an extensive executive career” in property funds management.
“Peter is a highly experienced and thoughtful company director who has made an outstanding contribution to Vicinity’s board during my tenure,” Mr Hay said.
“His extensive and successful property funds management, financial and business background, complemented by his highly strategic approach and vision, position him to be an excellent chairman through Vicinity’s next chapter.”
Vicinity shares were 2.5 cents, or 1.0 per cent, higher at $2.535 at 1130 AEST on Wednesday, down 3.5 per cent since the start of the year.