Cromwell Appoints Jonathan Callaghan as New CEO

Real estate investor and fund manager, Cromwell Property Group (ASX:CMW) (Cromwell), today announces the appointment of property and funds management veteran Jonathan Callaghan as its new Chief Executive Officer (CEO), commencing no later than 1 January 2022.

Mr Callaghan joins Cromwell following a distinguished and successful 14-year career at Investa Property Group, including as its CEO since 2016, where he was instrumental in stabilising and transforming its business. Mr Callaghan was responsible for the successful sale of Investa’s Office and Land Business which resulted in his appointment as CEO in 2016.

Under his leadership, Investa managed one of Australia’s best performing wholesale office funds and Investa was awarded the AFR BOSS Best Places to Work in its sector.

Mr Callaghan was recently a Director of the Property Council of Australia, and is a founding member of the Property Male Champions of Change.

Cromwell Chair Dr Gary Weiss AM said: “After an exhaustive search, we are delighted to appoint such an outstanding and highly respected industry leader in Jonathan Callaghan as Cromwell’s CEO.”

“The Board has full confidence that Jonathan’s strategic and operational management capabilities are the right fit to grow Cromwell’s position as a leading property investment and funds management company.”

“Jonathan’s track record in creating value for investors at Investa was industry leading. His strong property funds management experience, coupled with his proven ability to source and deploy capital, will be critical to Cromwell’s strategy of accelerating growth in its funds management businesses.”

“We are particularly pleased that Jonathan comes to Cromwell with a solid background in office property which makes up the vast majority of our Australian direct property portfolio and our $1bn development pipeline.”

“We look forward to Jonathan joining Cromwell where he will work with the Board, executive leadership and the wider team to lead the implementation of our long-term strategy to grow Cromwell’s funds management businesses. Under his leadership, we will further refine Cromwell’s strategy and our key growth priorities,” added Dr Weiss.

Mr Callaghan said: “It is an honour to be joining Cromwell, a company with a strong heritage in the property and funds management industry. There is enormous potential at Cromwell and I look forward to working with Gary, the Board and the Cromwell team to unlock value across the company’s direct property investment portfolio and to grow Cromwell’s funds management businesses.”

The appointment of Mr Callaghan further strengthens Cromwell’s executive leadership capabilities including Michael Wilde and Brett Hinton, who stepped up as Acting CEO and Acting Chief Financial Officer (CFO) respectively and will resume their previous roles following Mr Callaghan’s commencement.

Dr Weiss concluded: “I would also like to take this opportunity to thank Michael Wilde and Brett Hinton for stepping into the roles of Acting CEO and Acting CFO respectively during the search process. Their dedication and commitment to Cromwell has been exemplary and a great testament to Cromwell’s values.”

The full ASX Announcement can be viewed here.