Elanor Names Industry Veteran David McNamara as CEO to Drive Next Growth Phase
Elanor names David McNamara as CEO to lead next phase of growth
Elanor Investors Group (ASX: ENN) has announced the appointment of David McNamara as Chief Executive Officer, effective 22 June 2026. The appointment follows the completion of the Group’s balance sheet recapitalisation and represents a deliberate, board-led transition into the next phase of Elanor’s growth strategy. Concurrent board changes, including the planned transition of Tony Fehon to a non-executive role and the departure of Su Kiat Lim, complete a considered reset at both the executive and governance levels.
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Who is David McNamara?
McNamara brings over three decades of institutional property and funds management experience to the role, with a career spanning some of Australia’s most prominent real estate platforms.
34 years across Australia’s top-tier property platforms
- More than 34 years of experience across real estate investment, funds management, asset management and capital transactions
- Most recent role: Director of Funds Management at Vicinity Centres, overseeing 25 joint ventures, 18 capital partners and 2 funds
- Prior roles at Lendlease, including Head of Retail Asset Management and Fund Manager of APPF Retail, where he grew the fund to a peak gross asset value of approximately $5.7 billion and executed more than $1 billion in acquisitions and divestments
- Earlier career spanning senior roles at The GPT Group and Lendlease across asset management, capital transactions, development and retail operations in Australia and the United States
- Qualifications: Master of Applied Finance (Kaplan Professional), Bachelor of Commerce (Marketing) (University of New South Wales), Graduate of the Australian Institute of Company Directors
Chairman Ian Mackie offered a strong endorsement of the appointment:
Chairman Ian Mackie
“David is a highly experienced property and funds management executive with strong institutional capital markets credibility, deep governance experience and a proven track record leading complex platforms and stakeholder relationships.”
McNamara also outlined his own perspective on the opportunity:
David McNamara, incoming CEO
“Elanor has a strong platform, a talented team and a compelling opportunity to build on its funds management and real estate capabilities.”
Board transition and the road ahead
Tony Fehon’s role shifts to non-executive director
Tony Fehon has served as interim Managing Director since 9 September 2024, steering the Group through a demanding period that included the balance sheet recapitalisation with strategic alliance partner Rockworth. Upon McNamara’s commencement on 22 June 2026, Fehon will transition out of the executive role over a six-month period, resuming his position as a non-executive director. His first month will focus on the CEO handover, after which he will shift to supporting strategic growth initiatives.
Chairman Mackie acknowledged Fehon’s contribution directly: “Tony’s role in leading the team through significant challenges over the last 21 months, and to achieve the balance sheet recapitalisation with our strategic alliance partner, Rockworth, has been outstanding.”
Su Kiat Lim departs following Firmus Capital development
Su Kiat Lim stepped down from the Elanor board effective 2 June 2026, following the announcement on 29 May 2026 that the acquisition of Firmus Capital will not proceed in its current form. Chairman Mackie acknowledged his five-year contribution, noting that Lim “provided strong property, finance and commercial advice to the Group during our recapitalisation and strategic reset.”
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Elanor’s growth strategy: what investors should watch
The leadership transition marks a new chapter for Elanor, coming directly after the completion of its balance sheet recapitalisation. Management has characterised the recapitalisation as establishing a more efficient and flexible capital structure, creating the foundation from which the incoming CEO is expected to execute.
Four strategic pillars driving the next phase
The Group’s stated growth strategy is focused on four priorities:
- Balance sheet strengthening and disciplined capital management
- Growing the business through targeted, capital-led real estate initiatives alongside Rockworth
- Growing funds under management through institutional partnerships
- Rebuilding confidence with securityholders and capital partners over time
Remuneration structure — skin in the game
McNamara’s appointment terms reflect a remuneration structure that ties a substantial portion of his total package to long-term performance outcomes. The equity-heavy incentive design aligns his interests directly with securityholder value over a multi-year horizon.
| Component | Detail | Cap | Structure |
|---|---|---|---|
| Fixed remuneration | $725,000 per annum (including superannuation) | N/A | Cash |
| Short-term incentive (STI) | Subject to financial and non-financial targets set by the Board | 60% of fixed remuneration | 50% cash; 25% equity deferred one year; 25% equity deferred two years |
| Long-term incentive (LTI) | Performance rights subject to absolute and relative Total Securityholder Return (TSR) measures; granted in equal instalments (25% p.a.) over first three years of service | 75% of fixed remuneration; annual allocation capped at 500,000 securities | Performance rights vesting subject to TSR conditions |
| Notice period (Elanor-initiated) | 12 months’ written notice, or payment in lieu | N/A | Immediate termination in case of serious misconduct |
With a combined STI and LTI opportunity of up to 135% of fixed remuneration, the package is structured to reward sustained performance rather than short-term outcomes. Elanor has confirmed it will make a further announcement in the coming days regarding the date for recommencement of trading in ENN securities.
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