I write this message to inform our partners and stakeholders of changes within the Executive Team at Venture Housing.

The growth of Venture Housing has been significant in the past three years and that growth was part of a strategy adopted by the Board in 2020, and continuously reviewed in response to opportunities and due to the prominence of community housing on the Northern Territory.

As a Community Housing Provider, Venture Housing Company identified the opportunity to tap into NT Government plans to transfer housing stock to the community housing sector and, when added to the Company’s own plans to build more social and affordable housing , the extent of growth exceeded expectations but was in line with the Company’s strategic direction.

The Board approved changes to the organisation structure by increasing staff numbers so as to be in a position to embrace growth with the resources needed to do so. This growth spurt is now slowing and the Company is entering a period of consolidation, although having said that, there could be some additional HAFFF funded projects that will add value to the housing portfolio.

In mid-2024 the CEO, Karen Walsh advised the Board that she planned to finish up as the CEO and return to NSW in late 2024. That news was not unexpected given that Karen’s focus was always on growing and transforming the business, and position Venture for growth which aligns with its strategic directions.

Having gone through rapid growth and achieved some remarkable milestones in the past three years, and with Venture now entering a less expansive phase, a number of key employees have taken the opportunity to also step aside. This includes the CEO and COO. Both leave on good terms and both have agreed to continue for as long as it takes to find suitable replacements.

The Board recognises and acknowledges Karen’s leadership and contribution to Venture’s success over the past three and a half years. Some of the achievements include Venture’s achievement of Tier 1 NRSCH status, our tenant satisfaction improvements, and over 300% growth in Venture’s owned and managed portfolio, with a pipeline of new developments underway. Karen has also influenced policy, operational and systemic reforms across the housing system and community housing sector across the NT and nationally. 

The Board has noted and accepted Karen’s resignation with regret, whilst also acknowledging that Venture is now well positioned for long term sustainability.

In recognition of Venture’s significant and recent growth and the need to embed this for sustainable business in coming years, the Board is now recruiting a new CEO that can lead the organisation into a new phase of consolidation, operational excellence and ongoing capacity building. The Board thanks Karen for offering to continue at Venture until a new CEO is recruited and handover completed. 

Allan McGill
Chairperson
24/9/24