Mirvac Group chairman James MacKenzie resigns

Mirvac Group chairman James MacKenzie has resigned, a year after he ­survived a vote to remove him, according to The Australian Financial Review.

His departure was confirmed before the trust’s full-year results, with Mr MacKenzie’s replacement expected to be announced at the annual general meeting.

"2013 has been a significant year of turnaround for the Mirvac Group," he has told security holders.

"As the group's chairman, I am very pleased with the performance of the group.

"Right across the business, momentum is positive.

"Under the leadership of Susan Lloyd-Hurwitz the team developed and articulated a clear strategy based on a disciplined focus on areas of cogpetitive advantage, and the team is already executing in line with that strategy with considerable success.

"I have been chairman of Mirvac since 2005, and overseen the turnaround of the company over the past 12 months, I feel it is the right time to hand over the mantle to someone new."

The exit bookends the year which began when Mirvac's then chief executive, Nick Collishaw departed in August 2012 to be replaced by Mirvac’s current chief, Sue Lloyd-Hurwitz.

Mr MacKenzie's directorships including Yancoal and Melco Crown Entertainment.

Last November James MacKenzie was re-elected as chairman of Mirvac, but not before copping a bashing from some small shareholders in attendance.

MacKenzie had the unanimous backing of Mirvac board members for his re-appointment as well as from major and institutional shareholders following his decision to sack former managing director and CEO Nick Collishaw and replace him with London-based Susan Lloyd-Hurwitz.

The final vote was 87.8% in his favour with all other board re-appointments also confirmed by shareholders by a similar majority.

Shareholders that attended the meeting accounted for just 0.11% of Mirvac stock with major and institutional shareholders voting by proxy.

Prior to the vote, MacKenzie’s seven year tenure came under fire from a number of small shareholders disgruntled with the performance of the company over this period.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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