Stockland dithers on new MD amid suspicions of board division

The most favoured internal candidate for the role is thought to be Andrew Whitson, who is Stockland’s group executive and communities chief executive.

It has been almost five months since Stockland announced the departure of Mark Steinert as managing director, yet sources in the market believe the country’s largest residential developer could still be some way off announcing a replacement.

Working on finding a suitable candidate for the role is recruitment firm Egon Zehnder.

Earlier, Lendlease executive Kylie Rampa was considered the favourite to take the job, sources said.

However, it is understood the Australian chief executive of Australian property for Lendlease is not interested in the role and some say other external candidates under consideration have been dismissed by the board.

Some say there may be divided opinion among directors about an appointment.

The most favoured internal candidate for the role is thought to be Andrew Whitson, who is Stockland’s group executive and communities chief executive.

Mr Whitson is said to be a strong performer when it comes to operating in the residential property market, which is experiencing a boom as government stimulus fuels a surge in home building, particularly in NSW.

Another internal candidate is thought to be Stockland’s commercial property boss Louise Mason.

However, some shareholders have been keen to see Stockland take on an external candidate after urging the company to take a more dynamic approach when it comes to its strategy, which in the past has created disappointment.

Under previous management, Stockland opted to sell some premium office properties ahead of booming conditions in the sector and instead focus on residential, retirement and also retail property, which has been especially hard hit by the growing trend of online shopping.

There has been some talk in the market that Egon Zehnder may be circling back to some external candidates such as Mirvac Group’s chief investment officer, Brett Draffen, who was earlier considered a possible contender for the role.