New era for GPT Group after Michael Cameron leaves

The key internal candidates would be the chief investment officer, Carmel Hourigan, the chief financial officer, Mark Fookes, and the head of asset management, Matthew Faddy.

Ms Hourigan, has a well regarded 20-year track record in the commercial real estate. Before joining GPT she was managing director of Lend Lease's investment management business, following time as the chief executive of Lend Lease's Australian Prime Property Funds, and before that a key executive in the Commonwealth Bank's property funds management operation.

Mr Fookes also has more than 20 years of experience in the property industry, rising up the Lend Lease/GPT ladder from Lend Lease's General Manager of Retail Property Management and Leasing to become, most recently at GPT, the of Head of Investment Management. His most recent success was negotiating the buyout of high-cost debt from Singapore's GIC.

Mr Faddy is another with 20 years experience, most of it with Lend Lease and GPT. As Head of Asset Management, he is responsible for a team of 250 people looking after each of the shopping centres, office towers and logistics facilities. In previous roles he launched the GPT Wholesale Shopping Centre Fund, and was chief operating officer for the Lend Lease's Retail Group. He also spent five years early in his career with Pricewaterhouse Coopers.

Mr Ferguson said the board would also undertake an external search to identify other potential candidates, "as you would expect." At least one leading investor welcomed the move.

Faster transition possible

Mr Cameron has given six months' notice but Suncorp chairman, Ziggy Switkowski, said that if GPT settled its succession, a faster transition "would be in everyone's interests."

Mr Ferguson said the Suncorp role was "a wonderful opportunity for Michael which reflects his great success at GPT," and he left GPT with the goodwill of the board, stakeholders and employees.

"Mr Cameron became CEO of GPT at a very difficult time. During his tenure he has worked to stabilise the business, optimise its performance and has positioned the Group for future growth," he said.

"Since 2009, he has delivered a Total Securityholder Return (TSR) of more than 180 per cent which exceeds industry peers and the S&P ASX200."

John Pearce, the Chief Investment Officer of GPT's largest shareholder, Unisuper, would like to see Mr Cameron's successor continue his legacy.

Mr Pearce said Mr Cameron had shown discipline with respect to capital allocation; had managed GPT as a property company that just happened to be listed, rather than pandering to the market's demands for double digit growth in earnings per security through acquisition and leverage; and had cultivated a strong management team.

The head of property securities at BT Investment Management, Peter Davidson, welcomed Mr Ferguson's focus on a comprehensive search for the new chief executive.

"For this role, there will be a very strong field of external, as well as internal, candidates," he said.

'Outstanding job'

"Michael Cameron did an outstanding job of rebuilding trust in GPT and has great capital management skills. The new CEO needs to be an agent for change, to bring an infectious passion for the best property returns, and to create an enthusiastic brains trust on behalf of GPT shareholders."

The managing director of Resource Real Estate Global Property Securities, John Snowden, said Mr Cameron, was a "well respected and highly regarded leader."

"His conservative strategy appears to have been the correct approach following the volatility of the GFC," he said. "In Michael's successor I would like to see the group refocusing on a higher sustainable real estate growth strategy that would help drive earnings per share and the share price going forward."

Both GPT and Mr Cameron's next company, Suncorp, rose on the day with GPT the best performing REIT and Suncorp up 2 per cent.