Propel Appoints Fraser Henderson and Lilli Rayner as Co-CEOs, Arash Noaeen as CFO
Propel Funeral Partners announces a strategic executive leadership transition with co-founders Fraser Henderson and Lilli Rayner stepping up as Co-CEOs, ensuring continuity following the retirement of Managing Director Albin Kurti.
- Co-founders Fraser Henderson and Lilli Rayner appointed Co-CEOs effective 1 September 2025
- Managing Director Albin Kurti to retire after 14 years at the helm
- Group Financial Controller Arash Noaeen promoted to CFO
- Leadership changes designed to maintain acquisition-led growth and company culture
- Employment terms include performance incentives and non-compete clauses
Leadership Transition at Propel Funeral Partners
Propel Funeral Partners Limited, a leading death care services provider in Australia and New Zealand, has announced a significant leadership transition effective 1 September 2025. Co-founders Fraser Henderson and Lilli Rayner will assume the roles of Co-Chief Executive Officers, succeeding Managing Director and fellow co-founder Albin Kurti, who is retiring after 14 years of leadership.
This move marks a carefully planned succession designed to preserve the company’s strategic momentum and culture. Brian Scullin, Chair of Propel, highlighted the board’s confidence in Henderson and Rayner, noting their instrumental roles in driving Propel’s growth and partnership approach since its inception. Their complementary skill sets and long-standing collaboration are expected to provide a seamless leadership handover.
Continuity in Strategy and Culture
In parallel, Arash Noaeen, Propel’s Group Financial Controller since 2017, will be promoted to Chief Financial Officer. Noaeen’s extensive experience and deep understanding of the company’s financial and operational drivers position him well to support the new leadership team. His promotion reflects Propel’s preference for internal talent development and stability.
Employment Terms and Incentives
The company disclosed the material terms of the employment agreements for the new executives. Both Co-CEOs will receive a fixed annual remuneration of $824,000, with potential short-term incentives up to 75% of their salary, linked to financial and non-financial performance metrics. Noaeen’s CFO package includes a fixed remuneration of $412,000 and incentives up to 50%. All three executives are subject to post-employment non-compete clauses and have long-term incentives tied to adjusted earnings growth over three-year periods.
These arrangements align executive rewards with Propel’s financial performance and strategic objectives, reinforcing accountability and shareholder alignment.
Looking Ahead
Outgoing Managing Director Albin Kurti expressed pride in the company’s achievements and confidence in the new leadership team. He will remain involved during the transition period and participate in presenting the company’s FY25 financial results. The orderly succession plan aims to reassure investors and stakeholders that Propel’s growth trajectory and corporate culture will remain intact.
As Propel navigates this leadership change, market participants will be watching closely to see how the new Co-CEOs and CFO steer the company through its next phase of expansion in a competitive and sensitive sector.
Bottom Line?
Propel’s leadership handover signals stability and strategic continuity, setting the stage for its next growth chapter.
Questions in the middle?
- How will the dual CEO structure impact decision-making and company agility?
- What are the immediate strategic priorities for the new leadership team post-transition?
- How might the leadership changes influence Propel’s acquisition strategy in Australia and New Zealand?
