Abacus Group Managing Director Steven Sewell to retire as succession plan begins
Abacus Group (ASX:ABG) announced on 12 October 2026 that Steven Sewell intends to retire as Managing Director, with a Managing Director succession process already under way.
Sewell is intended to continue leading the Group to 9 July 2027 (or an earlier date, subject to the appointment of his successor). Under the Board approved succession plan, a process to select his replacement has commenced and external search firm Spencer Stuart has been appointed.
A defined handover window and an already-running search point to a planned transition rather than a sudden exit. Key facts from the announcement:
- Sewell intends to retire as Managing Director
- He is intended to lead the Group to 9 July 2027, or an earlier date subject to the appointment of his successor
- Spencer Stuart has been appointed as external search firm
- The Board will make a further announcement once a successor has been appointed
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Sewell’s tenure since April 2018: from core plus investor to specialised commercial real estate investment trust
Board recognition
ABG chair Mark Haberlin recognised Sewell’s contribution since he assumed the role in April 2018. According to Haberlin, Sewell was instrumental in the evolution of ABG’s business from a core plus investor in real estate, with a portfolio of opportunistically acquired higher risk assets, to a specialised commercial real estate investment trust.
Haberlin also said Sewell maintained ABG’s entrepreneurial culture and drove the growth and creation of the now separately listed Storage King Group (SKG).
The SKG stake sale has since moved ABG further from its storage exposure, with $284.8 million in gross proceeds directed to debt reduction and a sharper focus on Sydney and Brisbane office markets.
Mark Haberlin, ABG Chair
“On behalf of the Board, I would like to recognise and thank Steven for his outstanding contribution since assuming the role in April 2018…”
Timing rationale
Sewell linked the decision to the internalisation of SKG on 30 June 2026, describing it as an appropriate time to hand over leadership.
The internalisation of SKG saw ABG sell the responsible entity for $19 million plus about $5 million in net assets, giving up roughly $19.6 million in annual management fees in exchange for cost savings and debt reduction.
Steven Sewell, Managing Director
“It has been a privilege to lead the multifaceted team at ABG and undertake the myriad of asset and corporate transactions ABG has been involved with…”
What investors should know about CEO succession
A succession plan is a process a board sets out in advance to identify and appoint a new leader when the current one departs. Boards often appoint external search firms, such as Spencer Stuart, to help identify and assess candidates.
Leadership transitions matter for a listed real estate investment trust because investors typically watch for continuity of strategy and confidence in management. The announcement does not name any candidates or flag any change in strategy.
In ABG’s case, the Board approved plan and the handover period running to 9 July 2027 (or an earlier date) are intended to support an orderly handover and smooth transition.
Leaving arrangements and what comes next
Attachment 1 to the announcement summarises Sewell’s leaving arrangements. No remuneration amounts or rights numbers were disclosed.
| Component | Arrangement | Condition |
|---|---|---|
| Remuneration | Normal remuneration through to the end of employment | Applies until employment ends |
| FY27 STI | Eligible to participate | Pro-rata basis |
| FY27 LTI | Eligible to receive | Subject to securityholder approval at the ABG Annual General Meeting in November 2026; number of rights pro-rated to reflect the period of employment during FY27 up to the last service date |
| Unvested awards | Treated in accordance with their original terms | Upon retirement |
Next steps
- The succession search, with Spencer Stuart appointed, continues.
- Sewell will work closely with the Board to ensure an orderly handover and smooth transition to his successor.
- The Board will make a further announcement once a successor has been appointed.
- The ABG Annual General Meeting in November 2026 is expected to include the FY27 LTI approval.
The Board has stated it will keep the market informed of the outcome of the succession process.
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