The board of Australia’s largest listed developer, Stockland, has chosen Tarun Gupta to replace Mark Steinert as managing director and chief executive officer, effective next June.
The appointee will move from Lendlease, where he started as a graduate 26 years ago and since 2016 held the group chief financial officer role.
His chief executive officer there, Kylie Rampa, was earlier this month reported to have been a suitor for the Stockland position – but not interested.
Mr Steinert led the company since 2013.
It is understood he wanted an internal appointment and that two staff threw their hats in the ring: Andrew Whitson, group executive and communities chief executive, and Louise Mason, who leads its commercial property division.
Lendlease will move deputy chief financial officer Frank Krile into Mr Gupta’s role while it seeks a replacement (story continues below).
Mr Gupta’s fixed annual starting salary is $1.5 million and he will receive a $3.7m sign-on bonus.
It is believed the employer will also compensate the executive for any incentives he would have received staying at Lendlease.
Stockland identified the next leader’s experience in developing residential and aged care communities and dealing in commercial property and investment management.
“Tarun has a…proven track record in leading and managing large property operations,” chairman Tom Pockett said.
“We know that he is highly regarded in the industry and has a strong reputation amongst…investors”.