Paul Sadleir has announced plans to retire as managing director of Cedar Woods Properties, with chief operating officer Nathan Blackburne to step into the role.
The incoming CEO has spent 15 years with Cedar Woods in a number of roles, including as COO and as state manager in Victoria before that.
“Nathan’s understanding of the company strategy and its operations will ensure a seamless transition,” chairman William Hames said.
“Nathan has shown himself to be an outstanding executive in his roles, displaying his leadership and commercial acumen.
“Importantly, Nathan is well known to our shareholders and business partners and, through the national COO role, is very familiar with all our projects.”
In a statement, Mr Sadleir said the decision to retire was not an easy one, but he was pleased the company was in a strong financial position with a steady and experienced management team and an established portfolio of projects.
“With the company well positioned, now is the right time to move on and I look forward to working with Nathan on a smooth transition program,” he said.
Mr Blackburne will be paid $564,000 per annum in his new role, plus incentives.
Shares in Cedar Woods were 0.2 per cent higher to $4.86 each at 1:15pm.