Grady takes charge at FKP as Lee departs TROUBLED real estate trust FKP Property Group has appointed its retirement boss Geoff Grady as the new chief executive as it intensifies its focus on the retirement business. Mr Grady, a former receiver at KPMG, replaces a Malaysian billionaire, Mulpha chief executive Seng Huang Lee, who will resume his position as non-executive director. Mr Grady has had a long relationship with Mulpha, joining the company's Australian arm in 2002 as the chief executive of problem-plagued Sanctuary Cove in 2002 when the Malaysian company bought the residential and hotel development from receivers. He joined FKP in early 2009 as the group's chief operating officer. "The board has conducted a search over the past 10 months to identify the ideal candidate to lead the group into its next phase," Mr Lee said. We were unanimous in our view that Geoff is that candidate given his experience in the business and energy to lead the group as we progress our strategy of becoming a pure play retirement business. FKP has long made it known that it plans to roll its $1 billion-plus direct and indirect retirement holdings into a new property trust. Affiliated company Forest Place Group recently announced it would be changing its name to Aveo Healthcare as part of the process. The move came after Morningstar's analysts warned about the company's residential and commercial property prospects this week. In a note to clients, Morningstar's Tony Sherlock said FKP's Gasometer project in Brisbane was of particular concern. FKP's exposure to the Brisbane office market, where vacancy rates were already at 9.1 per cent before new supply was brought on, was of particular concern, Mr Sherlock said. The lacklustre performance of some of its Melbourne residential projects was also of concern, he added. Stocks closed up 2.5c to $1.23.