Weltnachrichten – AU – Tarun Gupta from Lendlease takes over Mark Steinert in Stockland

Tarun Gupta from Lendlease will leave the company after 26 years to replace Mark Steinert as managing director of Stockland, the country’s largest publicly traded developer.

Mr. Gupta will take on the role from 1. Take over June and Mr Steinert will remain in place until that date, Stockland said Thursday, confirming an earlier report from The Australian Financial Review’s Street Talk column.

« Our rigorous internal and external executive search process has given us a field of very high quality candidates. Ultimately, the board of directors made the decision based on Tarun’s extensive experience across the real estate sector, including community development, retirement planning, commercial real estate and investment management. « 

Mr. Gupta, Lendlease’s chief financial officer for four and a half years, wasn’t one of the names speculated about to take on the role after Mr. Steinert announced in June that he would be leaving.

« Overall, not a bad attitude, but a bit of a surprise, » said Jeffries senior vice president of stock sales, Michael Vincent, following the announcement.

« Tarun has a lot more experience in multiple asset classes and is likely to do more deals, including selling retirement pensions (which he has been talking about at Lendlease and Stockland for over 5 years) and some other Lendlease-style partnership models Stockland is missing. Expect costs at Stockland. « 

The appointment raises the question of whether Andrew Whitson, head of the Stockland housing business and someone widely regarded as Mr. Steinert’s successor, will remain with the company.

Mr. Steinert’s resignation could be the first in a series of changes at the top of major Australian real estate companies, and it could be followed by a period of high-level management changes across the company.

« It is an honor to be named to an organization that has built churches across Australia for over 65 years and is recognized worldwide as a leader in sustainability, » said Gupta.

« I am leaving my current position with great respect for the team I have worked with and I appreciate the significant opportunities that Stockland offers. I have the privilege to lead Stockland in further improving results for its customers, employees, stockholders and the community. « 

Mr. Gupta, Lendlease’s chief bean counter since May 2016, began his career as a graduate. Previously, he was General Manager of the company’s Australian real estate business, overseeing community development, urbanization, retirement and investment management.

He holds a Bachelor of Arts (Economics) from the University of Delhi, India and a Master of Business Administration from the University of Newcastle, Australia.

His appointment has no fixed term. He receives a fixed annual salary of 1. 500. $ 000 on top of the various incentives available to him and the compensation he receives for foregoing incentives that he would have received if he had stayed with Lendlease.

Lendlease said Frank Krile, the group’s deputy chief financial officer, will temporarily assume the top role while an internal and external candidate search is conducted.

Lendlease, Stockland, CEO, Mark Steinert, Finance, CFO