Asset manager New Forests has appointed Mark Rogers to be its new chief executive officer, replacing outgoing CEO and founder David Brand.
Rogers will commence the role on April 3, 2023, at which point Brand will step into a new role as chair of New Forests.
The two will work together over the first quarter of 2023 to ensure a smooth transition, with a replacement for Rogers’ previous role to be announced in due course, said a statement from the firm.
Rogers joined New Forests in 2016 as managing director, Australia, New Zealand, before adding the US to his brief and becoming a senior managing director in 2019. In that role, he has held responsibility for business operations across the three regions, with assets under management growing from approximately A$3 billion ($2.1 billion; €1.9 billion) when he joined to almost A$10 billion today.
Prior to that, he was a director in the direct infrastructure investment team of Colonial First State Global Asset Management and was deputy chairman of the Infrastructure Sustainability Council of Australia.
Brand will also work on strategic growth opportunities for New Forests in addition to his role as chair, “looking at new markets and new opportunities for the business in support of New Forests’ senior executive team”, per a statement. He will also continue to chair the firm’s investment committee and will remain chair until June 2025, when he will exit the business completely.
Brand’s eventual departure was announced in May 2022 following Mitsui & Co and Nomura’s joint acquisition of a controlling stake in New Forests, although it was not announced at the time that he would step down as CEO.
In a statement, Brand said: “Mark is a proven, strategic leader who has a deep understanding of our business, our culture and our vision, making him the ideal candidate to lead New Forests into its next stage of growth. He has demonstrated an outstanding track record across our Australia, New Zealand and US businesses, with a vision to see investment in land use and forestry as key to the transition to a sustainable future.
“After 17 years at the helm of New Forests, it is time for me to step down from the CEO role and do what I love doing most, and that is looking at strategic growth opportunities in new markets and new geographies.
Rogers said: “I’m honoured to take on the role of CEO and look forward to continuing to cement our reputation as leaders in the natural capital investment space across developed and emerging markets. With the new shareholders Mitsui and Nomura providing growth capital and access to a global distribution platform, it’s an exciting time for New Forests.
“I wish to thank David for his vision, innovation and creating a culture of passionate, purpose-driven individuals.”