Senior management retention awards

25 May 2021

Senior management retention awards

Dexus today announces that the Board of Dexus Funds Management Limited has implemented arrangements to retain three Key Management Personnel (KMP), including Dexus’s CEO.

These measures comprise the introduction of a once-off CEO Incentive Award to Dexus’s CEO, Darren Steinberg, vesting over a three-year period as well as the issuing of once-off Retention Equity Awards to both Deborah Coakley (Dexus’s Executive General Manager, Funds Management) and Ross Du Vernet (Dexus’s Chief Investment Officer) vesting over a three and four-year period.

Dexus Chairman Richard Sheppard said: “Darren is well regarded as one of Australia’s leading Chief Executives with a proven track record of creating value for investors, at Dexus and across multiple real estate businesses. The Dexus Board unanimously supports retaining and rewarding Darren over the next three years which will provide the necessary leadership, industry experience, judgement and skills to navigate the challenges and capitalise on the opportunities expected across the Australian real estate market.”
Since joining Dexus in March 2012, Mr Steinberg has led a significant period of growth and transformation of the group. Dexus is now a sustainable and resilient property company with a growing funds management business and a track record of delivering superior risk-adjusted returns for investors from high-quality real estate. Over Mr Steinberg’s tenure he has delivered an annual compound return1 of 12.9% versus the ASX 200 REIT sector of 11.7%.

Mr Sheppard said “Dexus is currently moving into a growth phase consistent with the group’s strategic objective of being a wholesale partner of choice and its focus on expanding and diversifying the funds management business. The Retention Equity Award reinforces the importance of Deborah and Ross to the leadership at Dexus and delivering on this objective.”

Mr Du Vernet joined Dexus in May 2012 and Ms Coakley joined Dexus in April 2013. Both have held various roles across the group during this time, making a significant contribution to the delivery of Dexus’s strategy.

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