Dexus CEO steps down

Real estate group Dexus is searching for a new chief executive following the resignation of Darren Steinberg, who will step down from the role next year.

Dexus announced on the ASX today that Mr Steinberg advised he would step down in 2024 after more than 11 years as chief executive.

However, he will continue as chief executive until his successor starts and will work with the board during the transition.

Mr Steinberg said his decision to step down next year would allow time for continuity.

“Dexus has a team of experienced and talented people and I will leave knowing that the business is in a strong position to continue to deliver long-term value,” he said.

“I am proud of everything we have achieved as a team for our investors, our customers and our people, and am committed to ensuring a smooth transition.”

Mr Steinberg also addressed investors at Dexus's 2023 AGM this morning, with his speech published on the ASX.

"Having been in the role of CEO for almost twelve years, I believe that it’s the right time for succession," he said.

"I am proud to have led Dexus through a decade of growth and performance. We have come a long way since 2012.

"We have created an amazing portfolio of assets and grown the group’s [funds under management] from $12.5 billion to a diversified real asset platform of over $60 billion."

In Western Australia, Dexus owns Jandakot Airport after buying the asset from Ascot Capital for $1.5 billion in 2021, a transaction believed to be the biggest property deal in the state.

The company has started the replacement process.

Dexus chair Warwick Negus said he had been working with Mr Steinberg for the past three years.

“His commitment to excellence and innovation is impressive,” he said.

“The very high standard of governance you see in Dexus is a reflection of the attitudes of the board, CEO and senior management over a long period of time.

“The board has been busy in 2023 with ongoing planning for succession and internal leadership development.

“We approach this decision with the benefit of a great deal of planning and will revert to security holders in the coming months post the conclusion of a formal global search when this important decision is finalised.”