Peet Limited announces the planned departure of long-serving CEO Brendan Gore, with CFO Brett Fullarton stepping in as interim leader. The company also signals a strategic review amid shareholder requests.
- Brendan Gore to step down as CEO on 1 July 2025 after 20 years
- CFO Brett Fullarton appointed interim CEO during executive search
- Director Trevor Allen to retire following FY25 results
- Board to initiate strategic review despite recent earnings upgrade
- Significant company growth and diversification under Gore’s leadership
Leadership Transition at Peet
Peet Limited (ASX: PPC) has announced that Brendan Gore, its Managing Director and CEO for the past two decades, will step down from his role on 1 July 2025. Gore’s departure marks the end of a significant era for the residential property developer, which has grown substantially under his stewardship. To ensure continuity, Chief Financial Officer Brett Fullarton, who has been with Peet since 2013, will serve as interim CEO while the Board conducts an executive search for a permanent successor.
A Legacy of Growth and Strategic Expansion
Gore’s tenure has been characterised by transformative acquisitions and strategic diversification. Notable milestones include the acquisition of CIC Australia, which expanded Peet’s footprint into New South Wales, the ACT, and South Australia, and the full acquisition of the Flagstone project, a long-term strategic asset expected to drive future earnings. Additionally, the purchase of the University of Canberra project further diversified Peet’s urban development portfolio. Gore also spearheaded the establishment of Peet’s wholesale and institutional funds management business and broadened the company’s capital structure by accessing the wholesale corporate bond market.
Board Changes and Strategic Review
Alongside Gore’s departure, Director Trevor Allen has announced his intention to retire after 13 years on the Board, effective following the release of the FY25 results. Chairman Greg Wall praised both men for their significant contributions, highlighting the strong culture and financial position Peet enjoys today. Despite a recent earnings upgrade, the Board has decided to initiate a strategic review in response to shareholder requests. This move suggests a willingness to reassess the company’s direction and capitalise on its strong foundation.
Looking Ahead
The leadership transition and strategic review come at a pivotal moment for Peet. With a robust portfolio and diversified business model, the company is well positioned to navigate the evolving residential property market. However, the outcomes of the executive search and strategic review will be closely watched by investors, as they will shape Peet’s trajectory in the coming years.
Bottom Line?
Peet’s leadership change and strategic review set the stage for a new chapter amid evolving shareholder expectations.
Questions in the middle?
- Who will be the permanent successor to Brendan Gore as CEO?
- What strategic directions will emerge from the upcoming review?
- How will the leadership changes impact Peet’s growth and shareholder returns?