City Pacific chief steps down
City Pacific’s founder, chief executive officer and managing director, Phil Sullivan, has resigned, marking the end of an 11-year tenure with the group — recent months of which have been decidedly challenging.
The board of City Pacific said it had accepted Sullivan’s decision, which is effective immediately.
John Ellis, currently a non-executive-director of the group, will now take over from Sullivan and will attempt to steer the company through its current problems.
The group said Sullivan would continue to consult to City Pacific for a period to allow for an “orderly transition” to Ellis’ tenure.
Sullivan said he had “been seriously considering this for some months, but the situation facing the company was holding me back”. Sullivan said it was now for the “next generation of management” to lead the business.
Ellis’ involvement with City Pacific goes back a long way. He is a property development lawyer and partner at Minter Ellison, and has been a legal adviser to City Pacific and its related entities for the past 11 years. As such, he has significant knowledge of the business and its operations, the group’s statement to the Australian Securities Exchange said.
City Pacific chairman Ian Donaldon said the group faces a difficult environment and challenging period ahead, but that the board would welcome Ellis’ fresh approach. Donaldson said Sullivan had demonstrated “significant vision” in the creation of City Pacific.
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