Stockland executive team shake-up as Tim Foster and Mark Hunter departing

The new Stockland boss, Mark Steinert, has shaken up his executive team with the departure of his chief financial officer, Tim Foster, and his head of residential, Mark Hunter and hiring fresh blood.

Steinert has hired Simon Shakesheff, who will join the company in mid-August, in the new position of group executive strategy and stakeholder relations.

Foster will leave the company later this year when a replacement is found.

Shakesheff is an analyst who has advised property groups. Most recently he was managing director at Merrill Lynch’s real estate investment division.

“Having observed Stockland closely over my career, it is a privilege to now be joining the group at this significant time in its history. I look forward to contributing to its future success,” Shakesheff said.

Michael Rosmarin, currently the group executive will take up the role of chief operating officer.

Kingsley Andrew and Andrew Whitson will act as joint interim CEOs.

The move comes ahead of a strategic update on Monday anticipated to change the direction of the company.

Fairfax have reported Steinhert is likely to drop his predecessor’s three ‘r’ focus on residential, retail and retirement, in favour of a focus on medium density residential and retail.

Foster and Hunter were reportedly close allies of former CEO Matthew Quinn, who stood down in July last year following a poor run of earnings.

Goldman Sachs analyst Simon Wheatley says he is suprised by the shake-up.

"In our view, the timing of today's announcement is a surprise in that SGP is poised to provide its 3QFY13 update next Monday, and this is meaningful change amongst senior executives ahead of the update.

"That said, we believe the changes being implemented by the SGP CEO Mark Steinert are a core part of a restructuring of the business, since transitioning into his new role late in November 2012," Wheatley said.