The former co-head of the UBS real estate investment banking business in Australia, Clem Salwin, has been appointed acting chief executive of the Valad Property Group.
Salwin’s appointment was confirmed to the Australian Securities Exchange (ASX) today and follows on from the company’s incumbent managing director, Peter Hurley, being involved in a bid by some members of the Valad management team for the acquisition of the company’s European business.
The ASX announcement said that as a result of his involvement in the management buy-out proposal, Hurley had taken leave of absence.
Salwin has been employed on a fixed gross salary of $530,000 with a retention bonus of 50 per cent.
