David Rice, the COO of SA’s second-largest listed real estate group Redefine Properties, will retire at the end of August 2020.
A veteran with 30 years’ experience in commercial property, Rice joined Redefine in 2009 and became its COO in 2011.
His responsibilities include all aspects of asset management and the general administration of Redefine’s R92bn property asset platform.
“Rice, a senior member of the executive team, has also been responsible for helping drive leasing and asset improvement goals for the company. Prior to this, he was the managing director of ApexHi Properties from 2006 until the merger of Redefine, ApexHi and Madison Property Fund Managers Holdings,” said the company.
Rice’s voluntary retirement date will give Redefine sufficient time “to have the ideal candidate in office who pairs well with the company’s culture and future priorities”, it said.
“I have had the privilege of working alongside many incredibly talented people at Redefine, and I am proud of what we as a leadership team have accomplished together,” said Rice.
“Our unrelenting focus on building a domestic asset platform that sustains organic growth through continuous improvement, expansion and protection of our portfolio, as well as driving value from active asset management opportunities, has positioned Redefine for success well into the future,” he said.
Redefine’s succession processes were formulated in advance of an executive’s departure to allow for a rigorous assessment of potential candidates.
“Over the past decade or so, David has been integral to Redefine’s success story. The board and the management team are grateful for his contributions and wish him well as he enjoys his retirement,” said CEO Andrew Konig.
Rice is the second Redefine executive in 2019 to announce their retirement. Former CEO and chair Marc Wainer, who founded the diversified property company, announced at the end of August that he was leaving.
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