Pukeroa Oruawhata general manager Peter Faulkner to step down

Pukeroa Oruawhata general manager Peter Faulkner has announced he will step down from the role in August. Photo / File

Pukeroa Oruawhata Group's general manager Peter Faulkner has announced he will leave his role.

"Peter has been involved with the group for just on 25 years, initially as our banker, then as our general manager for the last 11 years," the group's chairman Malcolm Short said in a statement.

The resignation will be effective August 31.

"Since his appointment in 2010 as our general manager, the value of our balance sheet has grown from $120 million to what is expected to be $335 million this year.

"Our strategic vision has always been not simply about building buildings, it's been about building sustainable income streams from which to deliver ongoing benefits to our owners and our City," Short said.

With both Rotorua Central Mall and Trade Central now both fully developed and essentially leased, the group had a solid platform to move forward from, the statement said.

"Peter has been closely involved in getting us to where we are today and his decision to step aside and the reasons for that decision are respected," Short said.

"Peter will continue to make himself available to both support the transition process and to see the Wai Ariki Hot Springs and Spa through to completion."

Faulkner said the decision to not renew his contract was "all about timing".

"I received a bit of a wake-up call on the health front a couple of years ago which helped put things into perspective for me.

"With the group's core assets now substantially fully developed and the Lakefront development about to start, now is the right time to introduce a fresh set of legs to take the group on the next stage of its development.

"The group has an exciting future ahead of it and I look forward to following its successes in the years to come."

Recruitment for the general manager's role was under way and an appointment was expected to be announced by July, Short said.