Lendlease’s Tarun Gupta will take the reins as managing director of the country’s largest listed developer Stockland, succeeding Mark Steinert who has been chief executive since 2013.
Gupta, Lendlease’s chief financial officer since 2016 will head up Stockland from 1 June 2021.
Stockland chairman Tom Pockett said the board arrived at its decision based on Tarun’s experience across communities development, retirement living, commercial property and investment management.
“Tarun has deep commercial experience and a proven track record in leading and managing large property operations,” Pockett said.
“We know that he is highly regarded in the industry and has a strong reputation among property investors.”
Gupta was not one of the names widely speculated to fill the role after Steinert resignation in June.
Steinert, who originally indicated that his preference was for an internal appointment, said the search process had given Stockland a breadth of high quality candidates to select from.
It is understood Stockland’s current residential head, Andrew Whitson, and commercial head Louise Mason, were both considered.
Lendlease chief executive Steve McCann said Tarun had made an outstanding contribution to Lendlease during his 26 year tenure with the group.
Lendlease will see its deputy chief financial officer Frank Krile step into the the vacant role on an interim basis while an internal and external candidate search is conducted.
Gupta, who has spent 26 years at Lendlease after coming on as a graduate, has experience at the top having worked as chief executive of the company’s Australian arm overseeing its communities and urbanisation development, retirement and investment management arms.
He will have the ability to resign at any time on giving six months’ notice with his appointment at Stockland ongoing, with no fixed term.
Gupta will also be compensated for forgoing any additional incentives he would have received staying at Lendlease and will start on annual fixed salary of $1.5 million.
The remuneration arrangements for Gupta were commensurate with Mark Steinert’s salary released in the 2020 remuneration report.
“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 am privileged to lead Stockland in continuing to enhance outcomes for its customers, employees, security holders and the community.”
Outgoing chief executive Mark Steinert said his time at Stockland had been "a steady evolution".
Steinert, a former president of the Property Council of Australia, took over in early-2013 from Matthew Quinn.
He started his career in real estate, spending eight years JLL, followed by 10 years in listed real estate with UBS, becoming global head of real estate research and co-head of ANZ Real Estate.
Chairman Tom Pockett said under Steinert’s management, Stockland had made “significant progress" in reshaping its portfolio.
“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,” Pockett said.
“As managing director he 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.
During his tenure Steinert tripled the value of Stockland’s logistics portfolio to be worth $2.5 billion and building a logistics pipeline to be worth about $2.2 billion.
“He 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,” Pockett said.