Stockland managing director Matthew Quinn is set to step down after 11 years in the role, while the property company has again downgraded its earnings guidance on the back of restructuring costs.
Mr Quinn will step down by February 2013, remaining with the company while a successor is found, and has no announcement on immediate plans after his departure, a spokesperson told Business Spectator.
Meanwhile, Stockland expects to report earnings per share of 29.3 cents for fiscal 2012, below the company's May guidance, and following February expectations of 31.6 cents.
This was due mainly to one-off restructuring costs which were expected to deliver efficiencies in fiscal 2013 and beyond, the property group said.
Commenting on his decision to resign, Mr Quinn said he was proud of his legacy at the company. "After much consideration I have decided that now is the right time to step down," he said. "It has been a privilege to lead Stockland."
As the group's third managing director in 60 years, Mr Quinn's contribution to the company has been "transforming", Stockland chairman Graham Bradley added.
"The board appreciates his enormous commitment over the past 11 years, during which time Stockland has grown from $1.7 billion assets in 2000 to $12.7 billion today."
In April, the property group cut its executive bonuses after a remuneration policy review, with short-term incentive bonuses for senior executives cut from 200 per cent to 125 per cent of fixed pay.
Mr Quinn agreed at the time to receive no increase in fixed pay for 2013.
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