Former MD and CEO of Novion Property Group, Angus McNaughton, has been appointed CEO of Federation Centres, effectively immediately.

According to a statement published on the ASX, current CEO and director, Steven Sewell, ceases his role by agreement, after the successful merger of Federation Centres and Novion Property in June this year.

Chairman of Federation Centres, Peter Hay, said, “Steven was the driving force behind the merger to create a company that has a $22 billion asset base with scale that will allow it to achieve significant synergy and strategic benefits.”

The board thanked Sewell for his vision and acknowledged his substantial contribution to the strong performance of Federation Centres since he was appointed in February 2012.

McNaughton is now tasked with the full implementation of the merger. “Under Angus and his team, our assets, people and investors have a strong, stable future,” Hay said.

McNaughton was the MD and CEO of Novion Property Group, until it merged with Federation Centres in June 2015.

“I am delighted to have the opportunity to lead the experienced and strong leadership team in managing the business and assets at a point where there is so much potential,” McNaughton said. “We will continue to deliver the synergies from the merger and build strong partnerships with our retailers and other stakeholders to create a stable, sustainable portfolio that delivers strong returns for our security holders.”