Geoff Lucas has stepped down from the role of Chief Executive Officer at McGrath Limited.
Mr Lucas’ resignation was announced on the same day the company released their FY2020 financial results.
“The Board had accepted Mr Lucas’ resignation and paid tribute to his service to the company during what has been a difficult two and a half years for the company,” McGrath Chair, Peter Lewis, said.
“We thank Geoff for navigating McGrath from losses to profitability through the current COVID crisis, and we wish him all the very best in his future endeavours,” added Mr Lewis.
Mr Lucas reflected it had been pleasing to lead McGrath through a period of regeneration.
“The McGrath business and the turnaround marks a new beginning for the company,” Mr Lucas said.
“The business is now in a strong financial position to navigate through the uncertainty of the current environment.
“I would like to congratulate the leadership team for their tireless work and the board for their support.
“Having achieved the financial turnaround, it is now time to hand the business to refreshed leadership to continue successfully into the future”.
Stepping into the role of McGrath CEO is Edward Law, former Global Head of Institutional Property at ANZ.
An expert in structured commercial real estate debt funding, Mr Law enjoyed a 14-year career at ANZ.
Most recently, Mr Law has been an executive director of Newground Capital Partners and investment director of MaxCap Group.
“McGrath presents an exciting challenge and we have a sound platform, with strong cash reserves and brand positioning in what is a challenging market, ripe for consolidation,” he said of his new role.
Mr Lewis noted Mr Law brought vast experience in real estate and finance to the role.
“I am confident he will lead the group to earnings and market share growth, as well as improving shareholder value,” Mr Lewis said.