Johannesburg, South Africa – 18 February 2020: JSE listed diversified real estate investment trust (REIT) Redefine Properties’ today announced that Leon Kok will transition from his current role as financial director to chief operating officer when incumbent David Rice retires from the company on 31 August 2020.
In the interim, Leon will continue in his current role responsible for all aspects of finance, legal, information technology, human resources and regulatory compliance and support the CEO’s office in corporate activities. The succession, which will take effect 1 September 2020, will see Leon step down from the board of directors as well as the financial director role.
Speaking on the appointment, Andrew Konig, CEO, Redefine Properties says, “Leon’s depth of business knowledge and industry experience makes him an outstanding choice to take over the COO’s role. Given the environment in which we are operating, Leon is the right person at the right time to succeed David.”
“The appointment was strategic as it allows us to retain institutional experience and ensure a seamless handover to a trusted pair of hands with a deep understanding of Redefine’s strategic priorities.”
“With the economy in a low growth trap and many market indicators at their lowest level in several years, his contribution in his new role should prove to be invaluable as we stay on course to fulfil our commitment to building a quality, diversified portfolio to ensure sustained value creation for all our stakeholders.”
In his new role, Leon will be responsible for all aspects of asset and property management and general administration of the property portfolio.
“I am looking forward to working with the team and supporting and shaping the next stage of our growth," says Leon.
“The biggest issue right now is the downshift in global markets from geopolitical issues and the impending elections in the US. The prospects of any rebound are being dampened by the unfortunate outbreak of the Coronavirus and should cast a long shadow over the local economy. We have a job to do and that is to execute against our value creation strategy.”
Redefine will commence with the recruitment process of a new FD in due course. According to Konig, filling the role of the FD is a strategic opportunity to further address diversity at executive level. Already, Redefine has one of the most transformed, diverse and empowered boards in the property sector.
“Leon has been an important voice on our leadership team over the years. Given his background, the board has full confidence that he will strategically balance the operational and financial needs of the business,” says Konig in conclusion.