Dexus to commence CEO search

26 October 2023
| By Rhea Nath |
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Dexus chief executive Darren Steinberg has announced his intention to step down in 2024 after more than a decade in the role, sparking a global search for his successor.

Steinberg joined the real estate asset manager in 2012, coming over from Colonial First State where he spent almost three years as managing director of property. 

He brought over 30 years’ experience in the property and funds management industry to the Dexus board, and was also an executive director of Dexus Funds Management. 

Reflecting on his decision to leave next year, he said: “My decision to step down next year allows time for continuity. Dexus has a team of experienced and talented people and I will leave knowing that the business is in a strong position to continue to deliver long-term value.”

Steinberg added: “I am proud of everything we have achieved as a team for our investors, our customers and our people, and am committed to ensuring a smooth transition.”

Steinberg’s resume includes roles at JLL, Lendlease, Westfield and Stockland, including four years as CEO of Stockland’s shopping centre division. 

Dexus chair Warwick Negus commended Steinberg’s commitment to excellence during his 11-year tenure at the firm.

“I have had the privilege of working alongside Darren over the past three years. His commitment to excellence and innovation is impressive. The very high standard of governance you see in Dexus is a reflection of the attitudes of the board, CEO and senior management over a long period of time,” he said.

He also shed light on the firm’s plans to commence a global search to source a new CEO.

“The board has been busy in 2023 with ongoing planning for succession and internal leadership development,” Negus said.

“We approach this decision with the benefit of a great deal of planning and will revert to security holders in the coming months post the conclusion of a formal global search when this important decision is finalised.”

In the year to 30 June 2023, Dexus posted a net loss after tax of some $752 million, compared to a statutory net profit after tax of $1,615.9 million in FY22, which it said was primarily driven by “unrealised fair valuation losses on investment property” in FY23 compared to gains in FY22. 

It had added circa $18 billion to funds under management following the transaction of AMP Capital’s real estate and domestic infrastructure equity business, including $10.9 billion of infrastructure. 

“This transaction has positioned Dexus as a leading Australasian real asset manager of scale with $61 billion of funds under management and new capabilities in infrastructure,” Steinberg said at the time. 

However, he contended that it remained a challenging and uncertain economic environment. 

Steinberg said: “In this environment we have continued to diversify our capital sources, and grow and diversify our funds management business, while we re-weight the Dexus portfolio.” 

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