Stockland (ASX:SGP) Chairman, Tom Pockett, today announced that the Board has appointed Tarun Gupta as Stockland’s next Managing Director and Chief Executive Officer. Mr Gupta will join Stockland on 1 June 2021, succeeding Mark Steinert who has been Managing Director and Chief Executive Officer since 2013.
Mr Steinert will remain in his position until Mr Gupta’s commencement date. Mr Pockett said: “The Stockland Board is delighted to welcome Tarun as our new Managing Director and Chief Executive Officer. Tarun has deep commercial experience and a proven track record in leading and managing large property operations. We know that he is highly regarded in the industry and has a strong reputation among property investors.
“Our rigorous internal and external executive search process gave us a field of very high quality candidates. Ultimately the Board made the decision based on Tarun’s breadth of experience across the property sector including in relation to communities development, retirement living, commercial property and investment management. Tarun has held a wide range of senior roles during his 26 years at Lendlease including most recently as the Group Chief Financial Officer.
Mr Gupta said “It is an honour to be appointed to an organisation that has been building communities across Australia for over 65 years and is globally recognised as a leader in sustainability. I leave my current role with great respect for the team I have worked with and I am excited by the significant opportunities ahead with Stockland. I am privileged to lead Stockland in continuing to enhance outcomes for its customers, employees, securityholders and the community.
Mr Pockett also once again paid tribute to Mark Steinert’s significant contribution to the Group over the past seven and a half years: “Mark has made a great contribution to Stockland and will continue to apply his passion and commitment to the delivery of our strategic priorities and our purpose of a better way to live during this transition period.
“As Managing Director and Chief Executive Officer Mark has overseen the development of Australia’s leading residential business, reshaped and expanded our workplace and logistics portfolio and significantly repositioned our town centre business. Mark has fostered a strong executive team, made significant advances in building innovation and digital capabilities and solidified Stockland’s position as a diverse employer of choice and global leader in sustainability,” said Mr Pockett.
The remuneration arrangements for Mr Gupta are commensurate with the current Managing Director and Chief Executive Officer, with further information included at the end of this release. Details regarding Stockland’s remuneration framework and the remuneration arrangements relating to Mr Steinert’s departure are set out in the 2020 Remuneration Report.
This announcement is authorised for release to the market by Ms Katherine Grace, Company Secretary