FKP has announced Peter Brown will retire as managing director and CEO and changes to its board. At Mirvac, Nick Collishaw will step down as CEO and managing director. The announcements follow last month's news of the retirement of Stockland's managing director, Matthew Quinn.
Nick Collishaw will step down as Mirvac CEO and managing director on October 31, 2012. Susan Lloyd-Hurwitz has been named Collishaw’s successor, and will take up the position before the end of the year.
“Nick has delivered on the Group’s objectives and also established a clear strategy for Mirvac focused squarely on the Group’s core activities. The work that Nick has led to build Mirvac’s capacity and preparedness to partner with wholesale investors will be central to our strategy going forward,” Mirvac group chairman, James MacKenzie says.
“This has been an important chapter for Mirvac, but over the next few years the Group has a different set of challenges. The Board is keen to accelerate cultural change in the business, and wants to place even greater focus on the Group’s communication with stakeholders. This needs to be achieved alongside continuing improved return on invested capital from the development division."
“The Board has been focused on succession planning for some time. Having now identified an outstanding candidate in Susan Lloyd-Hurwitz, Nick Collishaw and the Board agreed that it was time to commence an orderly transition.”
Lloyd-Hurwitz is currently LaSalle Investment Management Europe managing director, based in London.
In addition, Seng Huang Lee, FKP Property Group chairman, has announced Peter Brown will retire as managing director and CEO of FKP.
Brown will remain at FKP until February 2013 at the latest, to ensure a smooth transition.
In June 2011, the board announced it had reached an agreement with Brown for an open-ended contract continuation, and that it was not his intention to remain for a third long-term contract.
Lee says since taking over leadership of the group in 2003, “[Brown] has transformed FKP from a Queensland-based developer with an interest in retirement to a national diversified property group with one of the largest retirement portfolios in the country”.
The search for Brown’s replacement has commenced. During the transition period Lee will act as executive chairman.
Mark Jewell, FKP executive director, will retire from the board and continue with FKP as director of development.
Wally McDonald and Alan Zammit will be appointed as FKP non-executive directors as of 29 August, 2012.
The changes at Mirvac and FKP follow the July 25 announcement that Stockland managing director, Matthew Quinn, would retire by February 2013.
Quinn, a former national president of the Property Council of Australia, says:
“After much consideration I have decided that it is now the right time to step down. I am committed to working with the Board and executive team to ensure a smooth transition.
“It has been a privilege to lead Stockland and I am very proud of the legacy I will leave behind.”
Stockland's Board is undertaking an internal and external search for a successor.