- A major corporate shakeup at two of the ASX's biggest property developers will see Lendlease's (LLC) finance head jump ship to take the helm of Stockland Property Group (SGP)
- Tarun Gupta has been the Lendlease CFO since 2013 and has been with the company in varying roles for over 25 years
- Now, he's leaving Lendlease to become Managing Director and CEO of Stockland
- Tarun will replace current Stockland CEO Mark Steinert on June 1, 2021
- Lendlease now plans to kick off the search for a new CFO, but Deputy CFO Frank Krile will fill the position in the interim
- Tarun will pocket a neat annual base salary of $1.5 million as the Stockland chief, with the opportunity to bump this figure up through various incentives
- Stockland shares are trading over 3 per cent higher this morning at $4.70, while Lendlease shares are down a per cent at $14.61
A major corporate shakeup at two of the ASX's biggest property developers will see Lendlease's (LLC) finance head jump ship to take the helm of Stockland Property Group (SGP).
Tarun Gupta has served as the Lendlease Chief Financial Officer (CFO) since May 2016 but held different roles in the company for over 25 years. He is now leaving the property giant to take on the role of Managing Director and CEO at Stockland.
"Having started at Lendlease as a graduate, I am grateful for the opportunities that I have been provided during my 26-year career with the group," Tarun said.
Lendlease will now begin the hunt for a new CFO, with Deputy CFO Frank Krile to take on the role in the interim.
Stockland's search for a CEO started in June 2020 when Mark Steinert, who currently holds the role, announced his intention to retire. Mark has been the Stockland boss since 2013 and will stay in the role until June 1, 2021 — at which point the reins will be handed over to Tarun.
Stockland Chairman Tom Pockett said the company is "delighted" to welcome Tarun as its new Managing Director and CEO.
"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," Tom said.
He said Tarun's experience across the property sector from his time at Lendlease is what clinched him the top role.
Tarun said he has great respect for the Lendlease team, but he's looking forward to the opportunities ahead with Stockland.
"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," Tarun said.
"I am privileged to lead Stockland in continuing to enhance outcomes for its customers, employees, securityholders and the community," he said.
Tarun will pocket a neat annual base salary of $1.5 million as the Stockland chief, with a myriad of opportunities to bump this number up drastically through short and long-term incentives.
Stockland shares are up 3.07 per cent at 11:14 am AEDT today, currently trading at $4.70 each. At the same time, Lendlease shares are down 1.02 per cent and trading at $14.61 each.