Analysts at Citi are labeling the appointment of a new managing director and chief executive at Australia’s GPT Group (ASX:GPT) as a positive move.

The real investment trust announced on Monday that former finance chief of peer company Charter Hall, Russel Proutt, has been chosen as its new CEO and MD.

Following this news, shares saw a rise of 0.4% to A$3.98.

The brokerage commented that the recent appointment has sparked much discussion among investors and could potentially guide GPT towards a period of management stability.

Citi also pointed out that Russell is well recognized in the local Aussie market and over the span of 30 years, he has accumulated substantial leadership experience in commercial property markets.

To date, the stock has seen a decrease of 5.5% for the year, as per the last closing.

GPT Group (ASX:GPT) is a major Australian commercial real estate company best known for managing properties in the retail, office, and logistic sectors.