Argosy CEO Peter Mence starts succession countdown

4th June 2025 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Argosy Property chief executive Peter Mence says he plans to step down in May 2027.

The NZX-listed company announced the decision on Tuesday and said it would also implement its board succession plan.

Mence was appointed general manager of Argosy, then known as ING Property Trust, in 2007 and chief executive in 2009.

“[Mence’s] extended notice period enables a smooth and well-planned leadership transition and reflects Peter’s strong commitment to Argosy’s long-term success,” Argosy said.

“The board’s current expectation is that the search for his successor will commence in the latter part of 2026.”

Argosy said its board succession plan has been developed to ensure orderly board renewal over the near term, “maintaining a balance of continuity alongside fresh perspectives aligned to the evolving needs of the business”.

“Arrangements for the chair succession are now in place with board agreement that Martin Stearne should take over that role from the conclusion of the 2027 annual meeting, at the end of the current chairman’s three-year term,” stated the industrial and office property company.

“Jeff Morrison, the current chairman, will stand down from the board at that time.

“Directors Chris Gudgeon and Mike Pohio are nearing the end of their current terms, are supportive of the commitment to ensuring the company is well positioned for the future, and have advised that they will not stand for re-election. Accordingly, both will retire from the voard at the conclusion of this year’s annual meeting.”

Argosy has 50 properties, housing 159 tenants, in a portfolio valued at $2bn, with a weighted average lease term of 5 years and occupancy of 96.2% as at March 2025.