DNZ rebranded to Stride, demerged its Investore Property subsidiary and raised funds through an initial public offering to pour 14 Countdown supermarket into the portfolio during Mr Alexander's tenure.
Stride Property Group chief executive Peter Alexander will leave the property investment company at the end of March, having rebranded the old DNZ Property Fund and overhauled its structure.
Mr Alexander was appointed in 2013, having previously been in charge of Auckland International Airport's property portfolio. During his tenure, DNZ rebranded to Stride, demerged its Investore Property subsidiary and raised funds through an initial public offering to pour 14 Countdown supermarket into the portfolio. It split its property-owning unit from its real estate investment management in a stapled structure to expand its management arm while preserving its favourable tax status.
"Peter led our successful demerger and the Investore IPO and listing. He has put the business into a strong position and helped to differentiate it from its market peers," chairman Tim Storey said in a statement.
Since Alexander's appointment was announced, Stride's shares have climbed 30% to $1.77, while Investore, which Stride manages and owns a cornerstone stake of, has dropped 9.4% to $1.35 from its offer price.
Stride's board has kicked off the process to hire a replacement, with chief financial officer Jennifer Whooley and GM of investment management Philip Littlewood picking up the leadership responsibilities in the meantime.
Mr Alexander replaced Paul Duffy who oversaw the public float of the company, then called DNZ, in 2010 after activist shareholders led by NZ Funds blocked the proposed buy-out of the management contract with Mr Duffy and Alastair Hassell. Shareholders eventually agreed to a deal that gave Messrs Duffy and Hassell $35 million in cash and shares, listing on the NZX at 99c.
(BusinessDesk)
