This article is from the Australian Property Journal archive
STOCKLAND's new CEO Mark Steinert has made significant changes to the management structure, appointing Bank of America Merrill Lynch real estate managing director Simon Shakesheff to the newly created role of group executive strategy and stakeholder relations.
Steinert unveiled his new team after news leaked late Wednesday night that CFO Tim Foster and CEO of residential property Mark Hunter were sacked.
Current group executive Michael Rosmarin will take up the newly created position of chief operating officer, with responsibilities including HR, operational risk and marketing.
“I would like to congratulate Michael on his well-earned appointment as COO. His key focus will be to streamline and align people processes and systems to execute our strategy, while managing operational risks and leading our marketing and brand activities.
“I’m delighted to welcome Simon to Stockland’s executive committee. Simon is an exceptionally talented individual who has built a very successful career and reputation providing financial, strategic and communications counsel in the property sector,” Steinert said.
Simon Shakesheff will join the company by mid-August. Shakesheff has 25 years of experience, most recently as managing director Bank of America Merrill Lynch real estate. Prior to that, he was managing director of real estate at UBS Australia. And before that, he was head of real estate analysis at JPMorgan Australia.
“Having observed Stockland closely over my career, it is a privilege to now be joining the group at this significant time in its history. I look forward to contributing to its future success,” Shakesheff said.
Meanwhile a search is underway for a new CFO and CEO of residential property. Outgoing CFO Tim Foster will leave later this year when a successor is found.
However Hunter has departed and in Queensland residential general manager Kingsley Andrew, New South Wales and Victoria residential general manager Andrew Whitson will act as joint interim CEOs, pending the outcome of a selection process.
“On behalf of the Stockland board, management team and employees, I would like to thank Tim for his contribution over the past three years. In particular I would like to note Tim’s critical role in maintaining our strong balance sheet during a period of challenging market conditions and significantly improving our focus on efficient capital management.
“Mark has been a key member of the Stockland team for over a decade, contributing to significant growth in our Residential capability. His many notable achievements include significantly accelerating the creation of more innovative small lot products, improving our approach to community creation and building a highly engaged team with deep capability. We wish him all the best for the future,” Steinert said.
Steinert’s executive committee comprises
· Group executive and CEO commercial property – John Schroder
· Group executive and CEO retirement living – David Pitman
· Joint interim CEOs Residential – Kingsley Andrew and Andrew Whitson
· Outgoing CFO Tim Foster
· Group executive strategy and stakeholder relations – Simon Shakesheff
· Group executive and chief operating officer – Michael Rosmarin
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