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Frasers Australand CEO quits

The chief executive officer of property developer Frasers Centrepoint Limited's wholly owned subsidiary Frasers Australand has resigned, FCL said in a Singapore Exchange filing on Tuesday.

The announcement of Bob Johnston's departure from the Australian unit came nearly a year after FCL bought Australand in August 2014.

The group did not disclose why Mr Johnston was leaving, but said in its statement that the board of Frasers Australand has accepted the resignation and the formal notice period is six months, subject to mutually agreed-upon changes. It also did not specify Mr Johnston's last day at the unit.

He will be succeeded as CEO by Rod Fehring, who is currently general manager of the residential division at Australand, FCL said.

FCL group CEO Lim Ee Seng, who is also a director on the Frasers Australand board, said Frasers Australand was "well-positioned for growth".

The Australand unit said in June this year that it had secured occupants for 200,000 square metres of industrial space in Melbourne over the past six months in deals worth about S$200 million.

FCL shares closed a cent up at S$1.78 on Monday.