This article is from the Australian Property Journal archive
DIVERSIFIED property group Mirvac is making changes to its operating structure and executive leadership team, resulting in the departure of chief financial officer Shane Gannon and head of retail Susan MacDonald.
Mirvac will combine its office, industrial, retail and build to rent businesses into one business unit, headed by Campbell Hanan, effective 1 October 2020.
Brett Draffen will remain chief investment officer and his role will expand to include oversight of Mirvac’s commercial and mixed-used developments.
Head of residential Stuart Penklis will also continue to lead residential development and design, as well as group construction.
CFO Shane Gannon and head of retail Susan MacDonald will both be leaving the business. Mirvac has now commenced a recruitment process and expects to appoint a new CFO by the end of 2020. MacDonald will be leaving the group on 31 December.
CEO and managing director Susan Lloyd-Hurwitz said the changes will streamline the business to ensure the group continues to be well placed.
“Of course, the challenges in the operating environment during 2020 have only emphasised the importance of Mirvac being more efficient and effective. We are unlocking synergies in our commercial portfolio while also significantly enhancing our mixed-use asset creation capabilities. These changes will allow our teams to operate more efficiently ad focus their efforts on creating further value for our customers, our securityholders and our communities.
“Campbell’s extensive experience of asset and investment management coupled with his focus on operational efficiencies places him in a great position to lead our combined commercial portfolio. And Brett’s experience more recently as chief investment officer and his extensive prior experience in leading various development functions within Mirvac will enable him to lead Mirvac’s asset creation and mixed-use capability as we look to increase our development pipeline and fulfil our mission to Reimagine Urban Life,” she added.
Lloyd-Hurwitz also thanked the outgoing executives for their contribution to the group.
“After a long and substantial contribution to the success of Mirvac, Susan and Shane are moving onto the next phase of their careers,”
“Susan’s extensive experience in retail has been invaluable to Mirvac. She is highly regarded within the business and in the wider industry both domestically and internationally. Susan has been the head of retail since July 2014, and I would like to thank her for her substantial contribution to reshaping and growing our urban retail portfolio.
“Shane has been with Mirvac since 2013 and will be leaving the group with a robust balance sheet and in a strong capital management position. He has guided Mirvac through many challenges, and I have greatly appreciated his support and his wise counsel.” Lloyd-Hurwitz concluded.
