Fortress REIT has advised shareholders that the company’s board of directors has identified suitable candidates to continue driving the business forward, ensuring continuity.
This follows CEO Mark Stevens’ indication of his intention to retire within the next twelve months and forms part of a broader strategy to have a vibrant succession plan in place in accordance with good governance principles.
Interim financial director, Steve Brown has been designated as the next chief executive officer and managing director of Fortress.
“I have been working very closely with Steven in recent years and in order to ensure a seamless transition over the coming months, will continue to do so,” says Stevens.
With effect from the 3rd of December 2018, Steven Brown will become the chief executive officer and will no longer serve as the interim financial director.
Ian Vorster has been appointed as chief financial officer and financial director of Fortress with effect from 3 December 2018.
Donnovan Pydigadu has been appointed as chief operating officer and executive director, a new position on the Fortress board.
Fareed Wania will continue to manage Fortress’ office portfolio, but has resigned as an executive director of Fortress with effect from 3 December 2018.
“The board extends its gratitude to Fareed for his valuable contribution as an executive director and looks forward to his continued input and experience in the asset management of Fortress’ office portfolio,” says Stevens.
On the board front, Vuso Majija will remain an executive director of Fortress, head of Fortress’ retail division and will continue to serve as Fortress’ appointed representative to the NEPI Rockcastle plc board of directors.
Fortress also announced a number of key non-executive director appointments with effect from 3 December 2018. Among these is Vuyiswa Mutshekwane, the chief executive officer of the South African Institute of Black Property Professionals, a position she has held since September 2015.
In another appointment, Sue Ludolph joins as a non-executive director.
“These appointments give us plenty of strategic depth, insights and skill to tackle the exciting road ahead for our business. We are in very good hands to maximise the opportunities as they arise, notably in logistics,” says Stevens.