Listed property manager MFS Diversified Group (MFSDG) has lost its chief executive Brent Hailey.
Hailey’s resignation was announced to the market yesterday.
It was the same day that former Valad Property Group chief executive Guy Farrands was installed as MFSDG’s new managing director.
Hailey told InvestorDaily he has resigned for family and personal reasons and that his next step was to take a holiday.
Hailey was Villa World Limited’s chief executive prior to its merger with MFSDG last year and has held the two jobs for four years.
He finishes on September 7.
Hailey’s departure and the hire of Farrands have prompted a reshuffle of senior executives.
Former MFSDG acting managing director Craig White has become the group’s executive director.
The group has created the new position of head of residential development reporting to Farrands.
Sales and marketing general manager for the group’s residential division, Dean McMahon has been appointed to that job in the interim.
The group said it is considering a number of candidates for the job, including McMahon and other internal candidates.
“We are excited about Guy joining the business and have confidence in both Guy’s and Dean’s ability to manage the transition through to new management,” White said.
White said MFSDG is performing strongly and is on track to meet its forecasts.
The group recently embarked on a $200 million capital raising exercise to repay expensive acquisition financing facilities and reduce debt.
The group has recovered from a dispute with retirement village operator Village Life in April that threatened hundreds of elderly people from eviction.
Ratings agency Property Investment Research managing director Richard Cruickshank said Farrands has a lot of experience in running real estate investment trusts and the loss of Hailey would not dent investor confidence in the company.
“MFS are quite proactive and will continue in that vein,” Cruickshank said.
