Stockland has hired search firm Egon Zehnder to find new directors for its board, but has dismissed suggestions moves are afoot to replace its current boss Mark Steinert.
Mr Steinert, a former analyst at UBS, joined Stockland in January 2013 and speculation has been mounting that candidates were being interviewed to replace the boss of the country’s largest residential developer who has spent more than six years at the helm.
The company said that there was no CEO search under way, and that as part of its board renewal process, it had appointed Egon Zehnder for non-executive director succession planning.
Sources said when Mr Steinert does leave the business, the suitable candidate would need both residential development experience but also experience in capital markets.
Some have pointed to an internal candidate — likely to be the current head of residential, Andrew Whitson.
The boardroom succession planning comes after Stockland last week warned of lower earnings ahead of reporting season, with the rate of lot settlements falling this year and defaults now at 5 per cent.
Investors are also bracing for lower valuations for its shopping centre portfolio when it reports its full year results in the weeks ahead.
Before taking the role at Stockland, Mr Steinert was global head of research for UBS based in New York and later global head of product development and management for global asset management at UBS, where he oversaw $559 billion worth of funds.
Coal price not right as Kestrel mine owners seek $4.8bn pay dirt
The owners of the Kestrel coal mine will have to convince buyers to pay about $4.8bn for the mine, but the coal price has fallen about 20 per cent since it was first set to hit the market.
St John of God in discussions over Healthscope leases
The not-for-profit St John of God Health Care has discussed with Healthco Healthcare and Wellness REIT taking over some real estate leases from tenant Healthscope.