This article is from the Australian Property Journal archive
PROPERTY industry stalwart and Stockland's third managing director in 60 years, Matthew Quinn, is retiring next year.
Quinn will retire in February 2013, after more than 11 years leading the company. He will stay until a successor is appointed, whilst the board undertakes a comprehensive internal and external search.
Quinn began his career in the United Kingdom and moved to Australia in 1987 with PriceWaterhouse. A year later, he joined Western Australian property group, the Rockingham Park Group before joining Stockland in 1999. In 2000, he was appointed to managing director.
Quinn has also held the position of national president of the Property Council of Australia from March 2003 until March 2005 and he is a Fellow of the Australian Property Institute and the Royal Institute of Chartered Surveyors.
“After much consideration I have decided that it is now the right time to step down. I am committed to working with the board and executive team to ensure a smooth transition.
“It has been a privilege to lead Stockland and I am very proud of the legacy I will leave behind,” Quinn said.
Quinn’s career at Stockland has not been uninteresting. Five years into his career, Quinn locked horns with fellow Briton and Lend Lease’s Greg Clarke, by making a takeover bid for GPT, which was Lend Lease’s mini-me.
A Stockland and GPT merger would have created a $15 billion entity in 2005, compared to the Lend Lease and GPT merger which would have created a $10 billion company.
And whilst Quinn and Clarke engaged in battle, GPT was secretly engaged in negotiations with Babcock & Brown, which collapsed in late 2008, and Westfield, to trump both bids.
In 2007 Quinn steered the group’s entry into the UK with a £170 million ($A430 million) takeover of Halladale Group plc. However two years later, Stockland announced it would progressively wind-down in the UK after the business posted an operating loss $0.7 million and wrote down $186 million.
In the same year, Stockland made strategic investments in FKP and Aevum and in 2011, followed up with a $266 million takeover of retirement village company Aevum, which doubled the size of Stockland’s retirement business.
Stockland chairman Graham Bradley said over the past 11 years under his helm, the company has grown from $1.7 billion in assets in 2000 to $12.7 billion.
“While Stockland’s performance in recent years has been impacted by extremely challenging market conditions, under Matthew’s leadership Stockland has grown to be a market leader in its core businesses, with a strong balance sheet.
“The board is confident Stockland is in good shape to remain resilient in the current challenging environment and grow returns as conditions improve,” he added.
Meanwhile Stockland expects to report earnings per security of 29.3 cents for FY12. This result would be slightly below the guidance provided in May of 29.8 cents due mainly to one-off restructuring costs which are expected to deliver efficiencies in FY13 and beyond.
In addition, the group did not acquire as many shares in its buyback program as was assumed in its most recent guidance, and timing of superlot settlements also had a small impact on the expected outcome.
Stockland expects to pay a full year distribution of 24.0 cents for FY12.
Property Review