Residential property developer Devine has appointed Andrew Cooper as chief executive on a three-year contract as construction giant CIMIC pushes ahead with its takeover of the company.
Mr Cooper was previously chief operating officer of Leighton Properties, which is owned by CIMIC, which launched a 75-cents-a-share takeover offer for Devine in November.
Acting chief executive Craig Bellamy will return to his previous position as chief financial officer.
Chairman Peter Dransfield will also be replaced by fellow director David Robinson. Mr Dransfield will remain an independent director on Devine's board.
"Mr Cooper has more than 33 years experience in property development and construction," Mr Dransfield said.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
CIMIC welcomed Mr Cooper's appointment and said he would carry out a review of Devine's operations.
CIMIC's takeover offer closed on December 29 and the predator had earlier flagged that it would reconstitute Devine's board, carry out a strategic review and appoint a new chief executive.
At the time it made its takeover play, CIMIC said that a profit downgrade by Devine and a rapid deterioration in its performance had compelled CIMIC, as Devine's major shareholder, to take decisive action to ensure that the value of Devine is protected.
