Landmark White sources from within for new CEO

Written on the 19 September 2019 by Business News Australia

Landmark White sources from within for new CEO

After a tumultuous seven months with its profits damaged by cyber security breaches, property valuer Landmark White (ASX: LMW) has opted for a CEO who has already been a key player in its path to recovery.

Timothy Rabbitt (pictured) now assumes full leadership of the company, after stepping into the acting CEO role in March when the data incident prompted former CEO Chris Coonan to walk.

When Rabbitt assumed this responsibility the company was in crisis mode. Former CFO Frank Hardiman and co-founder Glen White had also stepped down as non-executive directors, and by 7 May LMW shares had lost more than half their value.

The new executive was previously the CEO of Taylor Byrne, a regional property valuation firm with a presence in Queensland and New South Wales that was acquired by LMW in October 2018.

He has also served as the Queensland president of the Australian Property Institute, and is a member of the Valuation Board of Review for the Northern Territory, the Royal Institute of Chartered Surveyors, the International Right of Way Association, and the Australian Institute of Company Directors.

LMW says since he was appointed acting CEO in mid-March, Rabbitt has demonstrated the skills, expertise and leadership required to deliver the company's business optimisation strategy.

He has also spearheaded the accelerated advancement of LMW's IT infrastructure and customer information security and helped improve relationships with key clients.

In the process, the company notes he has earned the support of LMW shareholders, as demonstrated through the August 2019 fully subscribed capital raising.

"The progress of the Company since Timothy's appointment as Acting CEO is a testament to his ability to develop a cohesive group across LMW's business units," says chairman Keith Perrett.

"He has demonstrated the capacity to deliver the Company's new strategy and is well equipped to further progress LMW's performance."

"LMW's performance through the recent periods is a testament to the strength of the Company's executive, senior leadership team and staff. I look forward to providing the marketwith updates on LMW's progress," adds Rabbitt.

Rabbitt's remuneration remains unchanged as he steps into the full CEO role, with fixed remuneration of $270,000 per annum and short-term incentives worth up to $30,000 per annum.

Related stories: Landmark White share price tanks on return to ASX

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