This article is from the Australian Property Journal archive
STOCKLAND has appointed UBS global head of real estate research Mark Steinert as the fourth managing director and CEO in the group's 60-year history.
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:”;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin-top:0cm;
mso-para-margin-right:0cm;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0cm;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:”Calibri”,”sans-serif”;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:”Times New Roman”;
mso-fareast-theme-font:minor-fareast;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;}
Steinert will takeover from Matthew Quinn from January 14 2013, who has been managing director since 2000 and will remain for at least another three months following the succession, to ensure a smooth transition.
Stockland chairman Graham Bradley said Steinert has a track record of successfully managing large business operations, an extensive background in the property sector and a strong reputation among property investors.
Starting his career with Jones Lang LaSalle, Steinert moved to UBS and relocated to New York to take up his appointment as global head of research for UBS.
Steinert will take home a fixed salary of $1.5 million with a short term incentive target of 100% of fixed pay (with a maximum of 125%) with 50% up to target paid in securities and deferred for up to two years, and 100% of any STI awarded above target paid in securities and deferred for up to two years. There is also long term incentive participation target of 100% of fixed pay, subject to performance hurdles.
Steinert’s salary has a long way to go, before it catches up to Matthew Quinn, who took home $5.3 million last year.
The new pay packet is in line with Stockland’s revised remuneration policy. In April this year, the group reduced the managing director and CEO’s short term incentive from 200% to 125% of fixed pay.
Bradley said the new CEO’s remuneration package is both fair and competitive.
“It is in line with current market benchmarks and with our recent review which was strongly supported by securityholders with an overwhelming vote in favour of our remuneration report at our recent AGM. It includes a substantial proportion of total pay based on the group’s future performance and this will provide a strong incentive to create long-term value for our securityholders,” he added.
Bradley also paid tribute to Quinn long spanning career with Stockland.
“Matthew has provided remarkable leadership at Stockland during his tenure, growing the group in size and professionalism. It is no exaggeration to say Stockland would not be the leading diversified property group it is today without his contribution,” Bradley said.
Quinn said Steinert is an excellent choice and he has the right qualities to drive the company’s long-term success.
Stockland’s share price increased by 5 cents to $3.43 yesterday.
Property Review