Elanor Investors Group appoints David McNamara as CEO, signaling a leadership shift following a balance sheet recapitalisation and strategic reset. The Board also sees key transitions with Tony Fehon moving to a non-executive role and Su Kiat Lim stepping down.
- David McNamara appointed CEO effective 22 June 2026
- Tony Fehon transitions from interim Managing Director to non-executive director
- Su Kiat Lim resigns from the Board following Firmus Capital deal collapse
- Leadership changes follow $125 million balance sheet recapitalisation
- Focus on capital-led growth and rebuilding investor confidence
New CEO Brings Deep Real Estate and Funds Management Expertise
Elanor Investors Group (ASX:ENN) has appointed David McNamara as its new Chief Executive Officer, effective 22 June 2026, marking a significant leadership transition as the group positions itself for growth after a challenging period. McNamara arrives with over 34 years in real estate investment and funds management, including senior roles at Vicinity Centres and Lendlease, where he managed multi-billion-dollar funds and complex capital transactions.
Chairman Ian Mackie highlighted McNamara's strong institutional capital markets credentials and governance experience, expressing confidence in his ability to lead Elanor's "next phase" focused on disciplined execution and long-term value creation. McNamara himself described Elanor as having a "strong platform" and a "compelling opportunity" to build on its existing capabilities.
Board Reshuffle Reflects Strategic Reset and Firmus Capital Fallout
The leadership overhaul comes alongside other board changes. Tony Fehon, who has served as interim Managing Director since September 2024, will step down from the executive role over six months and return as a non-executive director. Fehon’s tenure included steering Elanor through a difficult recapitalisation and strategic reset, notably securing a $125 million capital injection with Rockworth Capital Partners that reshaped the group’s balance sheet.
Meanwhile, Su Kiat Lim has resigned from the Board effective 2 June 2026, following the collapse of the Firmus Capital acquisition announced on 29 May 2026. Lim’s departure marks the end of a five-year tenure during which he provided key property and financial advice amid Elanor’s recapitalisation efforts.
Growth Strategy Anchored in Capital Discipline and Institutional Partnerships
Elanor’s recent balance sheet recapitalisation has laid the groundwork for its renewed growth strategy. The group plans to focus on strengthening its capital structure, executing targeted real estate initiatives in partnership with Rockworth, and expanding funds under management via institutional partnerships. This approach aims to rebuild investor confidence and enhance securityholder value over time.
The appointment of McNamara, with his track record in managing joint ventures and capital partners, aligns with this strategy. His remuneration package includes a fixed annual salary of $725,000 (including superannuation), a short-term incentive capped at 60% of fixed pay, and a long-term incentive plan tied to total securityholder return metrics, reflecting a performance-driven leadership model.
Trading Suspension to End as Elanor Prepares for Next Chapter
Elanor has indicated it will soon announce the recommencement of trading in its securities, which have been suspended pending compliance with ASX conditions linked to its recapitalisation and strategic reset. The leadership and board changes signal a clear intent to stabilise and grow the business after a period marked by asset sales, recapitalisation, and regulatory hurdles that scuttled the Firmus Capital deal.
Bottom Line?
Elanor’s leadership overhaul and board reshuffle set a clear course for disciplined capital-led growth, but investors will be watching closely how quickly the new CEO can translate strategy into tangible performance improvements.
Questions in the middle?
- How will David McNamara’s leadership influence Elanor’s capital deployment and asset acquisition pace?
- What role will Tony Fehon play as a non-executive director in supporting strategic initiatives?
- Will Elanor’s growth strategy regain investor confidence amid lingering uncertainty from the Firmus Capital acquisition collapse?