Peet chairman Tony Lennon plans to retire later this year, bringing an end to one of the longest periods any individual has led a major listed company.
Peet chairman Tony Lennon plans to retire later this year, bringing an end to one of the longest periods any individual has led a major listed company.
The 82-year-old will be succeeded by Greg Wall, who joined Peet’s board one year ago.
Mr Lennon famously bought control of Peet for just $100,000 in 1985, when it was a struggling family-owned land developer known as Peet & Co.
With partner Warwick Hemsley, who retired in 2011 after 25 years, he led a revival of the business and an ASX listing in 2004.
Since then, Peet has expanded nationally and is currently valued at nearly $600 million.
Mr Lennon retains a 20 per cent shareholding in the company while also building up his family’s private property company, Lennium.
His family fortune was valued at $520 million in Business News’ inaugural WA Rich List, published early this year.
“Having commenced nearly 40 years ago as the major shareholder and new managing director of Peet, I confirm that at the 2024 AGM, I shall retire from my position as director and chairman of Peet Ltd,” he said today.
The AGM is scheduled for October.
Mr Wall praised Mr Lennon’s contribution.
“Tony’s legacy at Peet is undeniable, having led the company to becoming one of the largest land developers in Australia, including leading the company onto the ASX in 2004,” he said.
Mr Wall’s past experience includes being chief executive of Home Building Society and Capricorn Society and a director of Automotive Holdings Group, Gold Estates and Fremantle Football Club.
The company noted today that Anthony Lennon intends to remain on the board as a non-executive director after his father’s retirement.
Meanwhile, Peet has reported a sharp dip in profit for the year to June 2024.
Its statutory profit after tax was $36.6 million compared to $70.1 million in the previous financial year.
Similarly, its underlying earnings (EBITDA) dropped to $66.7 million from $107 million.
The company attributed the fall to challenging market conditions across the Victorian, NSW and ACT markets, where it has several high-margin projects.
The result was lower sales and settlements.
Another factor was a one-off profit in FY23 from the settlement of its New Beith property in Queensland.
Managing director Brendan Gore said FY24 saw mixed operating conditions across the country.
Strong market conditions in WA, Queensland and SA actually led to a 79 per cent increase in lot sales to 2,504.
“Heading into FY25, conditions in WA, Qld and SA continue to be strong supported by enquiries at elevated levels, while Vic and ACT/NSW continue to be challenging although enquiry trends have improved,” Mr Gore said.
Mr Gore, who has consistently ranked as one of WA’s best-paid chief executives, experienced a drop in his remuneration in FY24.
His ‘statutory’ remuneration dropped to $2.2 million from $3.1 million in the prior year.
This included his base pay of about $1 million, a cash bonus of $277,000 (down from $1 million) and share-based payments of $950,000.
The company also disclosed his ‘take home’ pay, which covers remuneration actually received during the year.
This fell to $1.3 million from $3.9 million.
The main difference between the two measures was the timing of share-based payments.
As chairman, Mr Lennon was paid director fees of $240,000.
Peet shares were trading two per cent higher at midday at $1.27.
