GDI PROPERTY GROUP GDI Property Group announced Further to the announcements on 16 March 2023 and 22 March 2023 that Stephen Burns, a current GDI Property Group Director, would act as interim Managing Director & CEO of GDI until a permanent Managing Director & CEO of GDI had been selected and appointed, the GDI board is confirmed that it has determined to appoint Stephen Burns as its permanent Managing Director & CEO, effective 14 June 2023. This appointment is the subject of an executive service agreement between GDI Investment Management Pty Ltd. (the employing entity of GDI, GDIM) and Stephen Burns dated 14 June 2023 (ESA). The ESA replaces the interim consultancy arrangement between GDIM and Stephen Burns which applied to his appointment as interim Managing Director & CEO.
The key terms of the ESA (including the short term incentives and long term incentives that are proposed to be offered to Stephen Burns in connection with this appointment) are set out below. Position and services: Managing Director & CEO of the GDI Group, reporting to the board of GDI. Stephen Burns will remain a director of GDI.
No additional remuneration will be payable to Stephen Burns in respect of his services as a director. Stephen Burns must not conduct any work for, be employed by or provide services to, any other company, business or occupation or be engaged in any other activity or have any other interest which gives rise, or may be reasonably expected to give rise, to a conflict between Stephen Burns' personal interests in respect of that activity or interest and Stephen Burns' obligations to GDIM or GDI.
