TARUN Gupta will leave Lendlease after 26 years to take on the role of managing director and chief executive officer of Australia’s largest listed developer, Stockland.
Currently Lendlease’s chief financial officer, Gupta will take over from outgoing boss Mark Steinert at the beginning of June.
Steinert has held the role since 2013 and announced mid-year he would be finishing up.
“The Stockland board is delighted to welcome Tarun as our new managing director and chief executive officer,” Stockland chairman, Tom Pockett said.
“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.”
Gupta has previously chief executive officer of Lendlease’s property business in Australia. He has been COO since May of 2016.
“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,” Gupta said.
“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,”
Pockett acknowledged Steinert’s time at the helm.
“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,” he said.
“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.”
In recent weeks, Stockland added veteran property executive Laurence Brindle to its board as a non-executive director. Brindle is currently chairman of both National Storage REIT and Waypoint REIT, and had spent 21 years at QIC where he was part of its investment strategy committee and head of global real estate.
He has also been chairman of the Shopping Centre Council of Australia, and a director of Westfield Retail Trust and Scentre Group.
Stockland recorded its highest quarterly home sales result in over three years during the September quarter, owing the result to pent up demand, low interest rates, more readily available credit and government stimulus measures.