Boss of aggressive short-seller firm VGI Partners steps down

The boss of a leading Brisbane hedge fund known for its aggressive short selling tactics has mysteriously stood down, admitting companies who he’d led attacks on ‘would be popping champagne bottles’ at the news of his departure.

Doug Tynan is stepping down from his director role at VGI Partners

CHANGE AFOOT

Change is afoot at leading hedge fund VGI Partners, which made life hell in recent years for the likes of the Brisbane Markets and Corporate Travel Management.

The group, known for its aggressive short-selling, announced this week that longstanding director, Doug Tynan, would step down from the job for undisclosed personal reasons.

Tynan, a Brisbane native who has been in the role for 12 years, will still serve in a non-executive capacity on the board and vowed to keep his investments in the group intact.

He was a key figure in VGI’s failed takeover of the Brisbane Markets in 2015 and it still holds a 15 per cent stake in the Rocklea-based institution.

Tynan also helped spearhead VGI’s assault on Jamie Pherous’s CTM, shorting almost $75 million worth of the stock after alleging in late 2018 the company relied on a raft of questionable accounting practices. CTM vigorously disputed the claim but its share price copped a hammering nonetheless.

“I’m pretty sure they would have popped the champagne in the board rooms of Brisbane Markets and Corporate Travel Management at the news I’d be stepping down from my executive position at VGI,’’ Tynan told us.

“I’ve loved every minute of the last 12 years, particularly when VGI’s been sniffing out accounting shenanigans or agitating for improved governance.’’

SHAKING IT UP

There’s a shake up under way at the top of Sentinel Property Group.

The Brisbane-based outfit revealed on Wednesday that founding CEO and managing director Warren Ebert will pivot to become group executive chairman and take on the newly-created role of chief investment officer starting July 1.

Stepping into his shoes will be Stacey Jones, who now serves as chief operating officer. No replacement has yet been named for her role.

Warren Ebert will pivot to become group executive chairman of Sentinel Property Group.

The current long-serving chairman, Steve Eager, has been eased aside but will still head up an advisory board.

Launched during the last downturn 10 years ago, Sentinel has grown to manage investment funds valued at more than $1 billion.

Ebert said he was keen to step back from day-to-day matters and predicted the company would take full advantage of the COVID-19 hit on retail and commercial property values.

“We’re fortunate,’’ he told us. “We’ve got another chance to double in size. We’re getting ready for the next great wave.”