CIY 0.00% 3.6¢ city pacific limited

so long phil don't let the door hit you...

  1. 381 Posts.
    City Pacific Limited (ASX: CIY)

    John Ellis appointed Managing Director and Chief Executive Officer on resignation of
    Phil Sullivan

    The Board of City Pacific Limited (City Pacific) has announced that Managing Director and
    Chief Executive Officer Phil Sullivan after 11 years with City Pacific, has decided to resign.
    The Board has accepted Mr Sullivan’s resignation and has appointed current Non-executive
    Director, John Ellis as Managing Director and Chief Executive Officer with effect from today.
    Mr Ellis is an experienced property and development lawyer who has been a partner at
    leading law firm Minter Ellison since 1998. He has been a legal adviser to City Pacific and its
    related entities for over 11 years and has significant knowledge and experience with respect
    to the Company’s business and its operations.
    Mr Sullivan founded City Pacific and has held the roles of Chief Executive Officer and
    Managing Director for eleven years. Mr Sullivan led City Pacific through a period of
    significant growth and secured the listing of the company in 2001. Mr Sullivan will provide a
    consultancy role to the Company for a period to allow for the orderly transition of the
    positions to Mr Ellis.
    Mr Sullivan commented:
    “It has been a privilege to devote the past 11 years to City Pacific and to lead a dedicated
    and passionate team through major change and significant challenge. I have been seriously
    considering this for some months, but the situation facing the company was holding me
    back. I now believe it is time to stand aside and allow the next generation of management to
    lead the business forward and I am pleased to handover to someone of John’s experience
    and expertise.”
    Chairman, Ian Donaldson commented:
    “City Pacific faces a difficult environment and challenging period ahead. Against this
    backdrop, we are very pleased to appoint someone of John Ellis’ experience and energy to
    lead the company. We look forward to John’s fresh approach and what I believe will be a
    considerable contribution at this important time in the life of the company.
    Mr Donaldson continued: “We would like to thank Phil Sullivan for his dedication,
    commitment and drive over the years. Phil has led City Pacific through strong growth and
    numerous challenges, and demonstrated significant vision in the creation of City Pacific. We
    wish him well in his future endeavours.”
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