James, who co-founded the Victoria-based land lease communities business 21 years ago, on Monday said he would retire on 31 December.
Under his leadership - James has served as Lifestyle Communities' Managing Director since the company's listing on the ASX in 2007 - the business has grown from a vision in 2003 to 33 land lease communities housing over 5,500 people, in operation and planning today.
One of the original founders of the land lease community business model, he has led the company to a valuation of $1.1B at today’s share price of $9.04.
It is trading at a remarkable PE ratio of 48.
"Throughout his 21 years, James has realised his vision of providing affordable housing for downsizers while delivering outstanding returns for shareholders. From a market capitalisation of $18 million in 2007, he and his team have grown the business to over $1 billion today. While we are saddened by his departure, we have been discussing the timing of James’ retirement for some time and we remain deeply grateful for his contributions and the positive he has made in the lives of many,” David Blight, Chair of Lifestyle Communities, said.
A passionate leader, he told The SOURCE he was ‘devastated’ by the ABC 7.30 story revealing 80 homeowners in Lifestyle Wollert, on Melbourne's northern fringe, had lodged claims in the Victorian Civil and Administrative Tribunal (VCAT) over fees they believe are unfair and in breach of the law. James strongly denied all claims and asked VCAT to expediate the hearing.
Other Lifestyle Communities' residents came out in support of the company and new sales continue to be strong.
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