AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Summary
- Mr Tarun Gupta to leave Lendlease Group (ASX:LLC) as CFO and join Stockland (ASX:SGP) as MD and CEO, effective from 1st June 2021.
- Deputy CFO of Lendlease, Mr Frank Krile to step up as an interim CFO while the search for the next candidate is ongoing.
- Tarun Gupta to receive A$1.5 million as fixed pay with other short-term and long-term incentives.
- Lendlease share price dipped 2.3% to A$14.42 during early trade hours, while Stockland share price notched up by 2.96% to A$4.7.
On 26th November, two real estate companies have announced a change in the top management. The Chief Financial Officer of global infrastructure group, Lendlease Group (ASX:LLC), MR Tarun Gupta will be leaving the company and taking charge as Managing Director and Chief Executive Officer of Stockland (ASX: SGP).
The Deputy Chief Financial Officer of Lendlease, Mr Frank Krile will step in to replace Tarun Gupta to take charge on an interim basis, while the search of suitable candidate is ongoing.
Lendlease Chief Executive Officer and Managing Director, Steve McCann acknowledged his valuable contribution to the group in the last 26 years and thanked him for his long-term commitments.
Stock Performance
The shares of Lendlease Group (ASX:LLC) dipped 2.3% to A$14.42 during early trade hours. The last three-month return is a decent 30%.
On the other hand, the share price of Stockland (ASX:SGP) rose by 2.96% to A$4.7. It has also posted a new eight month high of A$4.72, in today’s session. The last three-month return stands at 20.5%.
Stockland’s management commentary
The Chairman of Stockland, Mr Tom Pockett, announced the appointment of Tarun Gupta as the Managing Director and Chief Executive Officer, effective from 1st June 2021. He would be succeeding the current MD and CEO Mark Steinert, who’s been leading the company since 2013.
The company is delighted to have him on board with a proven track record and deep commercial experience in leading and managing large operations.
Mr Tom Pockett also quoted that Tarun Gupta’s breadth of experience across the property sector was vast enough for the board to consider him amongst the very high-quality candidates during the rigorous internal and external executive search process. His experience includes relation to communities development, retirement living, commercial property and investment management.
Mr Pockett also paid tribute to Mark Steinert for the significant contribution towards the company during his tenure. He also acknowledged Mark’s development of Australia’s leading residential business and expanding the company’s workspace and logistics portfolio. His strong leadership also fostered a strong executive team which further helped in making a rock-solid position as a diverse employer of choice and a global leader in sustainability.
Key employment details
The appointment as the new Managing Director and Chief Executive Officer would be effective from 1st June 2021 with no fixed term. A fixed remuneration of A$1.5 million would be paid, which may be reviewed from time to time.
The Variable remuneration includes Short-term Incentive which would be targeted at 100% of the fixed pay, going up to 150%. The incentive would be based on the performance of the business and meeting the objectives set by the board.
He would also be eligible for Long-term Incentive worth 200% of fixed pay on an annual basis, subject to the discretion of the board and security holder’s approval.
