Huljich takes sole charge at Centuria

Centuria Capital has announced it’s ditching the co-CEO model, with Jason Huljich set to take over as sole CEO effective November 27. This move follows notice from joint CEO John McBain that he will step down from the role on the same date.

Huljich and McBain co-founded the $22 billion ASX-listed group, with McBain at the helm since April 2008 and Huljich stepping in as co-CEO in mid-2019.

Leadership Transition

According to the company, the move to a single-CEO structure is “consistent with the board’s long-term strategy”. McBain will remain as a non-executive director across several group boards, including Centuria Capital, Centuria Life, Centuria Bass Credit, and Asset Plus.

Centuria chairman Kristie Brown said Huljich’s appointment to sole leadership has the “complete confidence and support” of the board. Brown noted that Huljich has spent over thirty years building Centuria’s funds management platform and brings deep knowledge of the business. His extensive experience and strong relationships across the market will be invaluable in driving the company’s growth and handling the complexities of the industry.

The transition to a single-CEO model is expected to bring a more streamlined decision-making process, allowing the company to respond more quickly to changing market conditions and capitalize on new opportunities. This, in turn, will enable Centuria to maintain its competitive edge and continue to deliver strong results for its investors.

Reaction to the Change

Huljich said he was honored by the board’s confidence and is looking forward to what lies ahead, noting that Centuria is in a “strong position”. He also thanked McBain for their three decades working together, acknowledging the significant contributions McBain has made to the company’s growth and success.

Brown thanked McBain for founding the business and helping grow it into a major ASX-listed group. She also expressed pleasure that McBain has chosen to stay involved as a non-executive director, citing the continuity as a significant asset. McBain’s continued involvement will provide a sense of stability and reassurance for investors, while also allowing him to focus on his private interests and spend more time with his family.

McBain moved to Australia in 1990 and became a pioneer in real estate securitisation through Century Funds Management. He is widely respected across the property and funds management industries for his contribution to their growth, and his legacy will continue to be felt at Centuria. His experience and expertise have been instrumental in shaping the company’s strategy and direction, and his influence will be felt for years to come.

Reflecting on the transition, McBain said it had been a “privilege” to build Centuria alongside Huljich. He expressed pride in what they’ve created and assured that the leadership team can take it forward. McBain’s confidence in the company’s future is a sign to the strength and depth of the leadership team, and his decision to stay involved as a non-executive director demonstrates his ongoing commitment to Centuria’s success.

The announcement comes as Centuria has been in the spotlight due to its exposure to troubled property developer Bathla Group, which collapsed into administration on August 25, owing $3 billion. Centuria Bass had temporarily paused redemptions from its Centuria Bass Credit Fund and Bass Property Credit Fund over this exposure. The company’s transition to a single-CEO model may bring some stability to the group amid this challenging situation, and Huljich’s leadership will be key in handling the company through this period of uncertainty.

The pause in redemptions has been a precautionary measure to protect the interests of investors, and the company is working to resolve the situation as quickly as possible. The exposure to Bathla Group is a reminder of the risks associated with investing in the property sector, and Centuria’s response will be closely watched by investors and industry observers. Despite the challenges, the company remains committed to delivering strong results and maintaining its position as a leading player in the Australian property market.