Property executive Tony Pitt has taken the reigns at failed olive oil company Olea Australis, and plans to turn its focus to investments in commercial real estate.
The current chairman of Olea Australis, Trevor Clohessy and the non executive director, Ian Murie will step down from the board at the next annual general meeting.
A new independent chairman will also be put up for election at that time.
Ken Richards will remain as Joint Managing Director until the AGM when he will become a non-executive director.
Mr Richards was appointed to the position in 2007
Olea Australis has also announced that Susan Leach has resigned as company secretary.
Alan Sutton has been appointed to replace her.
"Following the sale of Olea's main business activities, the Company is now poised to capitalize on fresh opportunities for the shareholders of Olea Australis, including investing in commercial real estate assets," said Mr Pitt.
"We will examine opportunities across a range of sectors, although we believe that opportunities in commercial real estate investment and particular the current unlisted property sector will provide shareholders with value adding opportunities," he said.
Olea originally targeted the premium end of the olive oil market and invested heavily in its award winning Dandaragan Estate brand.
It sold that operation in November 2007.
