Accelerate Property Fund has announced sweeping changes to its management team with both its CEO and chief financial officer (CFO) stepping down from their duties.
In a statement on Thursday the company, which listed on the JSE in 2013, said Michael Georgiou will step down as the CEO on Monday and will “focus on the management and completion of the Fourways Mall”.
“Mr Georgiou will be a non-executive director of Accelerate with no managerial responsibilities with effect from November 7 2022,” the company said.
“Mr Dawid Wandrag and Mr Abri Schneider have been appointed interim joint CEOs with effect from November 7 2022 while the company’s nominations committee attends to the appointment of a new CEO.”
Accelerate owns several properties in Fourways including the super-regional Fourways Mall, Cedar Square, The Buzz, Waterford, BMW Fourways, and the Leaping Frog Centre.
It also owns the Oceana building, the Mustek building, the Thomas Pattullo building and the Portside building on the Cape Town Foreshore, as well as the majority of properties in Charles Crescent in Sandton, Johannesburg.
The property fund further said that Dimitri Kyriakides has reached retirement age and will be retiring as the company’s CFO and as a member of the company’s social, ethics and transformation committee (SET) at the end of March 2023.
“The company’s nominations committee is attending to the appointment of a new CFO, and the filling of the consequent vacancy on the SET.”
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