Stockland confirms management reshuffle

Stockland has confirmed a management restructure that will see the departure of the chief financial officer Tim Foster and head of residential, Mark Hunter.

The new chief executive Mark Steinert said the action was taken as the ‘‘company refines its strategy to deliver stronger future returns’’.

Further details of a new direction for the group will be unveiled at the Stockland investor update on Monday.

But as part of the management changes, Stockland has created the new position of group executive of strategy and stakeholder relations, and appointed Simon Shakesheff who will join the company by mid-August.

Mr Shakesheff has 25 years of experience analysing and advising property groups, most recently holding the position of managing director Bank of America Merrill Lynch – head of real estate investment banking group.

Mr Shakesheff will bring together the group’s strategy and stakeholder relations functions including investor relations, government relations, stakeholder communication and research

The current group executive Michael Rosmarin takes up the newly created position of chief operating officer, with responsibilities including human resources, operations, operational risk and marketing.

Mr Steinert said Mr Foster will leave Stockland later this year. A search is underway and Mr Foster will continue in his role until a successor is appointed to ensure a smooth transition.

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