Investa chief executive Jonathan Callaghan will take up the job, but not until January.
Callaghan announced in April that he would stand down from his job at Investa.
His appointment follows a dramatic change in the control of the company as Gary Weiss led an investor revolt over its direction.
Cromwell’s biggest investor Singapore’s ARA was the instigator of the shift after criticising the company for several years over its investment direction. The shakeup led to long-term managing director and founder Paul Weightman resigning in December.
Callaghan will start the job with a $1 million a year salary but with added incentives.
Weiss said the search for a new chief executive had been exhaustive.
“Jonathan’s track record in creating value for investors at Investa was industry-leading,” Weiss said.
“His strong property funds management experience, coupled with his proven ability to source and deploy capital, will be critical to Cromwell’s strategy of accelerating growth in its funds management businesses.”
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