In a major corporate restructuring at two of ASX’s largest real estate developers, Lendlease (LLC) will take over the financial jump ship Stockland Property Group (SGP).
Tarun Gupta has been Lendlease’s Chief Financial Officer (CFO) since May 2016, but has held various roles in the company for over 25 years. Now he is leaving the real estate giant to take on the role of Managing Director and CEO at Stockland.
« After joining Lendlease as a graduate, I am grateful for the opportunities that have been offered to me during my 26 year career with the group, » said Tarun.
Lendlease will now start looking for a new CFO. Deputy CFO Frank Krile will take over the role in the meantime.
Stockland’s search for a CEO began in June 2020 when Mark Steinert, who currently holds the role, announced his intention to retire. Mark has been the Stockland boss since 2013. June 2021 stay in the role. From this point on, the reins will be handed over to Tarun.
Stockland Chairman Tom Pockett said the company is « pleased » to welcome Tarun as its new General Manager and CEO.
« Tarun has extensive commercial experience and a proven track record in leading and managing large real estate businesses. We know he’s well respected in the industry and well known with real estate investors, « said Tom.
He said Tarun’s real estate experience from his time at Lendlease earned him the lead role.
Tarun said he has a lot of respect for the Lendlease team but is looking forward to the opportunities Stockland offers.
« 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 Tarun.
« I have the privilege to lead Stockland in further improving results for its customers, employees, stockholders and the community, » he said.
Tarun receives a decent annual base salary of USD 1. 5 million as the Stockland boss, with a variety of opportunities to dramatically increase that number through short and long-term incentives.
Stockland shares are up 3. 07 percent at 11:14 a.m. AEDT today, currently trading at $ 4. 70 each. At the same time, Lendlease shares are down 1. 02 percent and trading at $ 14. 61 each.
Lendlease, Stockland, CEO, Mark Steinert, Finance, CFO, ASX
Weltnachrichten – AU – Lendlease (ASX: LLC) CFO takes over the position of Chief at Stockland (ASX: SGP ) – The Market Herald
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