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Cromwell CEO Paul Weightman didn’t do well in his fight with the company’s largest shareholder
ARA Asset Management moved a step closer to control of Cromwell Property Group, after the Australian property investment firm announced that its chief executive would be stepping down at year-end.
Paul Weightman, who co-founded the A$8 billion ($6 billion) investment management firm in 1998, had been leading an unsuccessful fight against board representation for ARA, which is Cromwell’s largest investor. The Singapore firm had gained board representation in September before Cromwell confirmed Weightman’s upcoming departure late last week.
“On behalf of the Cromwell Board and Cromwell securityholders, I would like to acknowledge his longstanding contribution and thank him for his dedication and hard work over more than two decades,” Cromwell chair Jane Tongs said in announcing Weightman’s planned departure to the Australian stock excha ....

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