Susan Lloyd-Hurwitz to step down as Mirvac CEO
Susan Lloyd-Hurwitz will step down as Mirvac chief executive at the end of June, after a decade at the helm, continuing a process of renewal that has already seen rivals Lendlease and Stockland pass the leadership baton to a new generation.
The diversified developer, builder and investor said it had already started the hunt for a replacement CEO. It also said chairman John Mulcahy, whose retirement was announced last year, would be replaced from the start of January by non-executive director and former CSR CEO Rob Sindel.
“Recently, I initiated a discussion with John, informing him of my intention to retire, allowing a long window for a smooth transition and continuity,” Ms Lloyd-Hurwitz said.
“It was not an easy decision. However, it is the right time to hand over to the next leaders of Mirvac to guide the group through its next phase.”
The decision to retire by Ms Lloyd-Hurwitz, ranked by The Australian Financial Review last month as one of the most powerful people in the commercial property industry, comes within years of the exit of her contemporaries Steve McCann at Lendlease and Mark Steinert at Stockland.
The urban geography graduate who started her career as a researcher at Knight Frank, has led ASX-listed Mirvac, and the country, into the new housing typology of build-to-rent, a sector that while established in markets such as the US, is still new here.
She has also established the company as a major funds management player, having overseen Mirvac’s takeover this year of the AMP Capital platform managing the wealth management company’s jewel-in-the-crown $7.7 billion wholesale office fund, over rival Dexus.
At Mirvac’s last earnings announcement in August, Ms Lloyd-Hurwitz said the company was ramping up its for-sale apartment pipeline, to meet the growing demand from returning inbound foreign migration and a short-term slump in new development.
“It has been rewarding and humbling to lead Mirvac for the past 10 years,” Ms Lloyd-Hurwitz said on Tuesday.
“There is so much for us to be proud of in the legacy Mirvac is continuing to build – having a positive impact on our urban environments, driving towards ever-increasing sustainability, providing a workplace where all people can belong and thrive, and delivering returns for our stakeholders.”
Mr Mulcahy said it was the right time to hand over the company to new leadership.
“In my many years of working in corporate Australia and working with many CEOs, I believe that Sue is a true leader of our time, and I have no doubt she will continue to achieve great things,” he said.
“I have served on the board since 2009, and chair from 2013, and during this time the group has made significant progress on its strategy.
“Our forward-looking development pipeline of approximately $30 billion is increasingly spread across sectors, with Mirvac moving from a predominately residential and office developer to a recognised creator and curator of leading mixed-use precincts and places. Sue has been central to this success.”
Ms Lloyd-Hurwitz’s creates another opening at the very top of Australia’s competitive property industry.
The executive team reporting to her comprises chief financial officer Courtenay Smith, chief investment officer Brett Draffen – who announced his own retirement last month – head of culture and capability Chris Akayan, head of integrated investment portfolio Campbell Hanan, head of residential Stuart Penklis, chief digital officer William Payne and head of stakeholder relations Amy Menere.
“Mirvac is in the position it is today, thanks to the passion, commitment and expertise of our people, and I am confident that we have the right team in place with a clear strategy, a compelling purpose and strong values to continue to deliver long-term outcomes for all our stakeholders,” Ms Lloyd-Hurwitz said.
