City Pacific Founder Resigns Following Massive CP1 Loss
Phil Sullivan has stepped down as head of Gold Coast company City Pacific and director of City Pacific’s development arm CP1.
The resignation comes hot on the heels of the announcement that CP1 – hit very hard by the global credit crisis – made a $109m loss last financial year, with a 76% fall in total revenue. Mr. Sullivan has retained his 30% stake in the company, and is believed to be staying on a consulting role as his successors take charge of the companies.
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