Kiwi Property CEO Gudgeon to step down in 2018

Chris Gudgeon has spent more than 10 years with the company.

Kiwi Property, which manages a $3 billion portfolio of shopping centres and office buildings, said chief executive Chris Gudgeon will step down on Sept. 30, 2018, ending more than 10 years with the investment group.

Chair Mark Ford said Gudgeon's advance notice will allow the Auckland-based company to manage the appointment of his successor.

Under Gudgeon's leadership, Kiwi Property's market capitalisation has grown to about $1.85 billion from $860 million in 2008, while its portfolio has increased from $2.1 billion nine years ago.

Its shares fell 0.7 percent to $1.37 and have declined about 12 percent in the past 12 months while the NZX 50 Index gained 5.7 percent.


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