David, who was appointed Chair in July last year, will assume the role of Executive Chair until a new CEO is appointed.
Co-Founder and Managing Director James Kelly retired on 31 December, 2024. He co-founded the land lease community business over 21 years ago and served as Managing Director since the company’s listing on the Australian Securities Exchange in 2007. Under his leadership, the business has transformed from a vision in 2003 into 33 communities.
Lifestyle Communities told the ASX: "In recognition of his additional responsibilities commencing 1 January 2025 Mr Blight will be paid a monthly fee of $50,000 (inclusive of superannuation), in addition to this (sic) existing board and committee fee."
The statement, from Chief Financial Officer and Joint Company Secretary Darren Rowland, added the search for a new CEO is "progressing well".
Lifestyle Communities' shares plunged more than 18% in the wake of an ABC 7.30 Report claim in July last year alleging the operator of gated communities for the over 50s was gouging residents. The operator admitted "there is no doubt our reputation has been damaged". The share price has fallen 3% in the financial year to date.
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