Real estate mogul John McGrath has announced the former CFO of Kerry Stokes's media group, Peter Lewis, as the new chairman of embattled property group McGrath Limited.
Mr Lewis will join the recently emptied McGrath board along with lawyer Andrew Robinson, founder of commercial law firm Robinson Legal.
Mr McGrath announced the appointments to the ASX on Monday evening, the same day that former McGrath chairman Cass O'Connor and her fellow directors had exited the company.
CEO Cameron Judson had left the company on Friday, as the company posted a $25.5 million half-year loss.
Mr McGrath said his two fellow directors brought "a wealth of public company experience and expertise" to the now three-person board.
"I look forward to working closely with them to restore shareholder wealth and the McGrath business to strong growth," he said in a statement.
McGrath will announce a new corporate plan and senior management structure "in due course", the statement said.
Monday's appointments follow a tumultuous period for the company marked by profit warnings, boardroom and staff exits and, most recently, media reports alleging Mr McGrath had accumulated a $16 million gambling debt.
Mr McGrath has rejected the allegations and issued a statement last week saying his gambling account was within his means.
Mr Lewis was chief financial officer of Kerry Stokes's Seven West Media until 2013 and had worked as CFO for Mr Stokes's media companies for about 15 years.
Mr Robinson established Robinson Legal in 1982 as a firm specialising in tax disputes, commercial and property law and insolvency law.
Mr McGrath had briefly taken on the role of executive chairman and will remain an executive director, with Mr Lewis to be a non-executive chairman.
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