PFI chair Peter Masfen to step down, replaced by deputy chair Anthony Beverley
By Sophie Boot
March 21 (BusinessDesk) - Property For Industry's chair Peter Masfen will retire at the company's annual meeting on May 8, to be replaced by deputy chair Anthony Beverley.
Masfen has been chair since June 2002, and during this time, PFI’s property portfolio has grown from 46 properties valued at $209 million to 92 properties valued at over $1.2 billion, with rental revenues more than tripling to $73.5 million, the company said.
Beverley has been a director of PFI since 2001 and an independent director since 2012. He has chaired the company's audit and risk, and nomination committees, and has been deputy chair since May 2017. Beverley will step down as chair of the audit and risk committee at the annual meeting, to be replaced by independent director Susan Peterson.
"I have been privileged to be part of PFI’s board as the company has grown and established itself as New Zealand’s only listed company specialising in industrial property," Masfen said "In my view, a strong foundation is in place for the Company’s ongoing success, with an experienced board and talented management team, and now is a good time for me to retire."
Beverley said he looked forward to chairing the board and "continuing the company’s focus on delivering strong and stable shareholder returns."
The company's shares dipped 0.3 percent to $1.65, and have gained 5.5 percent in the past year.