Capital Properties elects chairman, suspends dividend

AMP-controlled listed landlord Capital Properties has elected a new chairman, temporarily suspended a dividend payment and set its timetable for a wide-sweeping review.

AMP Capital Investors' head of alternative assets, Murray Gribben, has replaced former chairman Tony Frankham and announced major changes.

Gribben was already a non-independent director, having been appointed in July when AMP took an initial stake in Capital.

He said the results of the review, expected to take a month, would be announced by the end of January next.

The quarterly dividend due to be paid in December would not be paid until the review was finished.

AMP Property Portfolio general manager Stephen Costley, who fronted AMP's controversial takeover, has turned down a seat on the board. Capital also appointed AMP Capital Investors Australia's director of Asian investments, Rob Morrison, as a director.