In disgrace I feel: Sydney - Thursday - October 23: (RWE...

In disgrace I feel:

Sydney - Thursday - October 23: (RWE Australian Business News) -
GPT Group (ASX:GPT) today announced Mr Nic Lyons would discontinue as
the managing director and chief executive of GPT, effective immediately.
GPT is reviewing the structure of its senior executive team and
will undertake a search to appoint a chief executive. In the meantime,
Mr Michael O'Brien, currently chief operating officer, will also act as
chief executive of GPT.
Mr Lyons has been chief executive of GPT since October 16 2000.
Under the agreement reached with Mr Lyons, GPT will accept the
securities acquired by him under GPT's long-term incentive plan in full
satisfaction of any liability on Mr Lyons's part for outstanding loans
and accrued interest provided under that plan.
Recognising his length of service with GPT, Mr Lyons will
receive a payment equivalent to nine months of his fixed annual salary,
excluding any bonus or incentive component, in lieu of any notice under
his contract of employment.
"The board warmly thanks Mr Lyons for the enormous commitment he
has made to GPT over almost a decade," GPT said.
"As part of its commitment to responsible corporate governance,
the board will review its own membership and intends to make prudent
changes once the capital raising is complete and the senior executive
team has been stabilised," it said.
Chairman Mr Peter Joseph has indicated he will not be standing
for re-election at the AGM in May 2009. GPT will commence the process of
identifying a new chairman on conclusion of the capital raising.