Stockland announces new CEO

26 November 2020

Stockland Chairman, Tom Pockett, today announced that the Board has appointed Tarun Gupta as Stockland’s next Managing Director and Chief Executive Officer, succeeding Mark Steinert.

Mr Gupta will join Stockland on 1 June 2021, succeeding Mark Steinert who has been Managing Director and Chief Executive Officer since 2013. Mr Steinert will remain in his position until Mr Gupta’s commencement date.

Mr Pockett said: “The Stockland Board is delighted to welcome Tarun as our new Managing Director and Chief Executive Officer. 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.

“Our rigorous internal and external executive search process gave us a field of very high quality candidates. Ultimately the Board made the decision based on Tarun’s breadth of experience across the property sector including in relation to communities development, retirement living, commercial property and investment management.

Tarun has held a wide range of senior roles during his 26 years at Lendlease including most recently as the Group Chief Financial Officer.

Mr Gupta said “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. I leave my current role with great respect for the team I have worked with and I am excited by the significant opportunities ahead with Stockland. I am privileged to lead Stockland in continuing to enhance outcomes for its customers, employees, securityholders and the community.

Mr Gupta will initially be paid $1.5m (inclusive of cash salary, superannuation and salary sacrificed items) and be eligible for short term (STI) and long term incentive payments (LTI). Gupta will also be awarded a sign on bonus of $3.7m in various cash ($650,000) and vested securities which represent a 38% discount to those he held with Lend Lease.

Half of any STI awarded will be paid in cash following the end of the performance year, and half is deferred in Stockland securities which may vest in two equal tranches over two years subject to service conditions and malus provisions.

The remuneration arrangements for Mr Gupta are commensurate with the current Managing Director and Chief Executive Officer.

Mr Pockett also once again paid tribute to Mark Steinert’s significant contribution to the Group over the past seven and a half years: “Mark has made a great contribution to Stockland and will continue to apply his passion and commitment to the delivery of our strategic priorities and our purpose of a better way to live during this transition period.

“As Managing Director and Chief Executive Officer Mark has overseen the development of Australia’s leading residential business, reshaped and expanded our workplace and logistics portfolio and significantly
repositioned our town centre business. Mark has fostered a strong executive team, made significant advances in building innovation and digital capabilities and solidified Stockland’s position as a diverse employer of choice and global leader in sustainability,” said Mr Pockett.